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Sandstorm buys royalty over Hounde gold mine from Acacia for US$45M

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Sandstorm buys royalty over Hounde gold mine from Acacia for US$45M

Sandstorm Gold Ltd. agreed to buy an existing 2% net smelter returns royalty on the Hounde gold mine in Burkina Faso from Acacia Mining plc for US$45 million.

The mine is operated by Endeavour Mining Corp. and started commercial production on Oct. 31, according to the Dec. 19 release.

Hounde is expected to produce 235,000 ounces of gold per year on average over the first four years and has an initial mine life of 10 years.

Acacia said in a separate statement that it agreed to divest the noncore royalty in a bid to strengthen its balance sheet.

The transaction is expected to close in January 2018.