Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Barrick Gold (NYSE: GOLD)(TSX: ABX) announced Thursday that it has entered into an agreement to sell a portfolio of royalties to Maverix Metals (TSX: MMX) for total consideration of up to $60 million.
The portfolio consists of 22 royalties on the production of minerals from mines located in North America, South America, Australia and Africa. The total consideration of $60 million consists of $50 million in cash payable on closing.
The payments include $6 million if the operator of the Eskay Creek project in British Columbia obtains all material permits necessary to commence construction of the mine within six years of closing; $2 million if Maverix receives cash payments from the portfolio, excluding the Eskay Creek royalty, equal to or greater than $10 million within six years of closing; and a further $2 million if Maverix receives cash payments from the portfolio, excluding the Eskay Creek royalty, equal to or greater than $20 million within six years of closing.
The transaction is targeted to close at the end of the third quarter of this year, Barrick said.
In a separate statement, Nevada Gold Mines, a joint venture between Barrick and Newmont, announced that it has entered into an agreement to sell a portfolio of royalties to Gold Royalty Corp for $27.5 million.
The Portfolio consists of three royalties on the production of minerals from the Granite Creek and Bald Mountain projects located in the State of Nevada. The total consideration of $27.5 million will be met through the issuance by Gold Royalty of 9,393,681 common shares.
Upon closing, Nevada Gold Mines, the largest gold mining complex in the world, is expected to hold approximately 7% of the issued and outstanding shares of Gold Royalty on a pro forma basis.
