Vale Q2 iron ore output up 2.4% from a year earlier
The company reported output of 80.6 million metric tons for the steel-making ingredient in the three-month period ended in June.
Evrim Resources (TSXV: EVM) is combining forces with Renaissance Gold (TSXV: REN; US-OTC: RNSGF) in a ‘merger of equals’ and forming a new company called Orogen Royalties that will focus on project generation and royalty creation.
The boards of both companies have approved the transaction, which will see each Renaissance share exchanged for 1.2448 Evrim shares.
Once completed, Renaissance and Evrim shareholders will each hold 50% of the new company’s issued and outstanding common shares.
“Bringing together two very successful and well-funded prospect generators with meaningful royalties creates a very strong platform from which to advance and grow our business,” Robert Felder, Renaissance Gold’s president and CEO, said in prepared remarks.
The new company will have a royalty portfolio that includes a 2% net smelter return royalty on First Majestic Silver’s Ermitano West gold deposit in Sonora, Mexico
The new company will have a royalty portfolio that includes a 2% net smelter return royalty (NSR) on First Majestic Silver’s (TSX: FR; NYSE: AG) Ermitano West gold deposit in Sonora, Mexico.
The project, about 4 km southeast of First Majestic’s Santa Elena silver-gold mine, is scheduled to start production in 2021. It will also have a 1.5% NSR with First Majestic on its Cumobabi copper porphyry project, adjacent to Ermitano.
In addition, Orogen will have a 1% NSR on AngloGold Ashanti’s (NYSE: AU) Silicon gold project in Nevada. Silicon is a low-sulphidation epithermal gold deposit, 12 km northeast of Beatty in Nye County, that Renaissance Gold has under option to AngloGold.
At press time in Toronto, Evrim was trading at 35¢ per share within a 52-week trading range of 19¢ and 40¢, and Renaissance Gold was trading at 26¢ within a 52-week trading range of 10¢ and 33¢ per share.
(This article first appeared in The Northern Miner on June 11)
