Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
Sandstorm Gold (TSX: SSL; NYSE: SAND) has boosted its portfolio of producing assets and immediate cash flow with two streaming and royalty agreements for which it has agreed to spend $138 million.
Sandstorm has purchased 9.3 million units of Vale’s participating royalties for a net price of $108 million. The royalty package includes copper and gold production from the Sossego mine in Brazil, iron ore production from Brazil, and on sales of certain other assets. The royalties are accrued as of the beginning of 2021.
The company is also acquiring a gold stream from the Vatukoula Gold Mines in Fiji for an upfront deposit of $30 million. Stream deliveries will be in fixed amounts for the first six years of mine life, growing from 2,280 oz. gold in the first two years to 5,340 per year for the following four years. After six years the stream will be variable for the life of the mine. Delivery is to begin in August.
Sandstorm anticipates additional revenue of $12 million to $15 million per year. The company has also raised its 2021 guidance to 62,000 to 69,000 gold equivalent ounces. Its portfolio now includes 229 streams and royalties, of which 29 cover producing mines.
(This article first appeared in the Canadian Mining Journal)
