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Condor settles La India gold project royalty dispute with B2Gold, Royal Gold

Condor Gold Plc has settled a royalty dispute with B2Gold Corp. and Royal Gold Inc. over part of its flagship La India gold project in Nicaragua.

The dispute arose following a September 2010 agreement between the companies to swap concessions in Nicaragua, according to the Dec. 9 release.

As part of the settlement, Condor will assume the liability of a 3% royalty within an area of interest on La India project, estimated to be 138.9 square kilometers, in favor of Royal Gold unit International Royalty Corp.

The company said the settlement clears the way for the project to advance toward the construction of a 1 million-tonne-per-annum processing plant with a production capacity of 100,000 ounces of gold per annum from a single open pit.

Condor is also acquiring about 3,508 hectares of land surface rights from B2Gold, which covers the area of the estimated mineral resource and reserves and the proposed mine site infrastructure.

In exchange, the company will give its 20% shareholding in Cerro Quiroz SA, which owns the Cerro Quiroz gold concession, to B2Gold, which owns the remaining 80%.