(NewsDirect)
ElectricRoyalties CEO Brendan Yurik joined Proactive's Stephen Gunnionwith the news that the company has exercised its option to increaseits royalty interest in the producing Penouta tin-tantalum mine inSpain to 1.5% from 0.75% for C$1.25 million. Yurik told Proactive thatthe additional royalty exposure to the producing mine strengthens thecash-generating portion of the company's royalty portfolio ofclean energy metals. He also said the company is encouraged by theprogress that miner operator Strategic Minerals Europe has made inimproving operations at Penouta, steadily increasing primaryconcentrate production and sales. Upon Electric Royalties’ receiptof C$1,666,667 in aggregate royalty revenue from the Gross RevenueRoyalty, the royalty rate will be reduced to 1.25%. Its royalty ratewill be reduced to 1% upon the receipt of $3,333,334 in aggregateroyalty revenue. Penouta is the largest producer of tin and tantalumin the European Union, producing 121 tonnes in the first quarter of2023, according to Electric Royalties.
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