Oriole takes 1.2% NSR over Turkey project
Africa- and Europe-focused exploration company Oriole Resources has finalised the conversion of its 14.87% interest in the Muratdere copper/molybdenum/gold deposit, in Turkey, to a 1.2% net smelter return (NSR) royalty.
"We are pleased with the progress our partner has made in moving Muratdere towards mine development.
"The conversion of our interest to a 1.2% NSR royalty gives us a valuable and potentially saleable asset. We would anticipate the NSR to be about 90% of the estimated $400-million gross metal revenues over the 16-year mine life, making the 1.2% royalty a substantial asset for the group,” says Oriole CFO Bob Smeeton.
The Muratdere project is managed by Oriole's partner Lodos Maden Yatırım Sanayii ve Ticaret, which is moving the project towards mine construction.
It is awaiting the approval of an environmental-impact assessment for the project. Once approved, it will take about two years to complete construction of the project.
In addition to its interest in projects in Turkey, Aim-listed Oriole also has assets in Cameroon and Senegal.
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