Cornish sells Canada royalties to Elemental Altus
UK-focused Cornish Metals has announced the sale of its royalty interests in the Mactung and Cantung tungsten project, in northern Canada, to Elemental Altus Royalties for $4.5-million.
The sale follows the recently announced disposal of the Nickel King project and sharpens the dual-listed company’s focus on the South Crofty tin project, in the UK.
Cornish acquired the royalties in March 2016 for C$1.5-million. The Mactung project, which has a 4% net smelter return (NSR) royalty, is an advanced-stage exploration project on the border of Yukon and Northwest Territories. Fireweed Metals owns the Mactung project.
The Cantung tungsten project, in western Northwest Territories, operated intermittently from 1962 until it closed in 2015. The Cantung royalty is a 1% NSR royalty.
Cornish said Elemental Altus will enter into an agreement with Teck Resources and assume the obligation to pay a C$1.5-million deferred consideration to Teck on the earlier of a development decision at Mactung or re-commencement of commercial production at Cantung. The agreement with Teck is a condition of closing.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation