https://www.miningweekly.com

Cornish sells Canada royalties to Elemental Altus

23rd July 2024

By: Creamer Media Reporter

     

Font size: - +

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.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rio-Carb
Rio-Carb

Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.051 0.944s - 128pq - 2rq
Subscribe Now