Aclara Resources raises $25m for Carina project in Brazil
Chilean conglomerate CAP, which has invested $80 million in the company's Penco project, will become a new shareholder.
EMX Royalty Corp. (TSXV: EMX) announced Friday that its wholly-owned subsidiary, Bullion Monarch Mining, has reached a settlement with Barrick Gold as well as Barrick’s affiliates and subsidiaries with respect to a claim of non-payment of royalties by the Barrick entities to Bullion on production from properties in Nevada’s Carlin Trend.
The litigation was initiated by Bullion in 2008, before EMX’s acquisition in 2012. Pursuant to the settlement, Barrick will pay Bullion $25 million, of which $6.175 million is owed as payment of the contingency fee to Bullion’s Reno, Nevada lawyers.
This settlement does not affect the 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Turf and other underground gold mining operations, which will continue to be paid, EMX said.
Among EMX’s diversified portfolio of precious metals, base metals and other royalty interests, the Leeville royalty that covers portions of Newmont’s Northern Carlin Trend underground operations represents a key asset to the company. EMX utilizes royalty payments from Leeville, along with other cash flows, to help cover operating expenses and provide capital for other opportunities.
Shares in EMX were up by 4.6% as of 12:10 p.m. ET, giving the Vancouver-based royalty company a market capitalization of C$331.9 million ($260.3m).
