The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Royal Gold Inc. July 23 provided an operational update for its streaming and royalty interests at Mount Milligan, Phoenix and Voisey's Bay, as well as an update on exploration at the Peak Gold Joint Venture.
Royal Gold estimates spending for Peak Gold, a joint venture with Contango Ore Inc. to explore the Tetlin gold-copper project in Alaska, to be around US$2 million for the quarter ending June 30.
A total of US$5 million is planned for an initial phase of 2015 exploration at Tetlin.
Royal Gold subsidiary, RGLD Gold AG, purchased about 21,400 ounces of gold from the Mount Milligan mine in British Columbia at a cash price of US$435 per ounce as part of its purchase and sale agreement with Thompson Creek Metals Co. Inc. during the quarter ending June 30.
During the same period, RGLD Gold sold about 23,000 oz of gold related to Mount Milligan.
In addition, RGLD Gold had some 5,300 oz remaining in inventory as of June 30.
On June 24, Rubicon Minerals Corp. reported its first gold pour of 741 oz at the Phoenix Gold project in Ontario.
Rubicon will deliver 6.3 percent of the gold from the Phoenix mine until 135,000 oz have been delivered to RGLD Gold, then 3.15 percent thereafter.
Royal gold will pay 25 percent of the spot price at the time of delivery.
RGLD Gold will begin receiving deliveries from commissioning activities and anticipates more substantial gold deliveries as the mine ramps up to design production.
Royal Gold also received the first quarterly royalty payment relating to processing Voisey's Bay nickel concentrates at Vale's new Long Harbour hydrometallurgical plant in Newfoundland.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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