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BlackRock World Mining inks royalty deal

By BFN News | 07:49 AM | Monday 28 July, 2014


BlackRock World Mining Trust says that further to the announcement made on 8 October, it has now signed the agreement in respect of a US$12m net smelter return royalty investment with Avanco Resources Limited in respect of its whole licensed area in Carajas, Brazil. This comprises Antas North deposit, the Pedra Branca deposit and other discoveries within Avanco's current licensed portfolio. The purchase is conditional on the publication of a JORC compliant reserve & resource statement, the receipt of a mining licence for Antas North and will only be drawn-down in parallel with debt draw-downs. The royalty offers the company a 25% royalty payment on gold production and 2% on production of other metals including copper produced from the whole licensed area of Antas North and Pedra Branca. A flat 2% royalty will be applied to all other projects from the rest of Avanco's licensed area. Story provided by StockMarketWire.com

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