(RTTNews) - Royal Gold Inc. (RGLD) said Tuesday that its wholly owned subsidiary, RG Royalties, LLC, has acquired a sliding-scale gross royalty on an area including the Cortez mine operational area and the Fourmile development project in Nevada.
Royal Gold paid $525 million in cash consideration for the Royalty to Kennecott Royalty Company, a wholly owned subsidiary of Rio Tinto European Holdings.
Royal Gold noted that the area within the Cortez Complex is owned or controlled by Nevada Gold Mines LLC, a joint venture between Barrick Gold Corporation and Newmont Corporation, with the exception of the Fourmile development project which is 100% owned and operated by Barrick.
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