Nova adds royalty on Hudbay copper projects
Royalty company Nova Royalty has entered into an agreement to acquire an existing 0.135% net smelter return (NSR) on the Copper World and Rosemont copper projects in Arizona.
Nova will also be granted a right of first refusal in respect of an additional 0.54% NSR owned by the sellers, covering the same area as the royalty.
Toronto- and New York-listed Hudbay Minerals owns the Copper World and Rosemont projects.
Nova president and CEO Alex Tsukernik said that Copper World and Rosemont represented one of the biggest and most strategic copper districts in the US. Hudbay recently announced an initial mineral resource at Copper World of more than 400-million tonnes.
“Owning royalties on generational assets such as Copper World and Rosemont has the potential to provide our investors with decades-long cash flow streams, while also minimising their exposure to cost inflation and operational risk,” he said.
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