Canada-based EMX Royalty Corp.'s 42%-owned IG Copper LLC agreed to sell the Malmyzh copper-gold project in Russia's Far East to Russian Copper Co. for an estimated US$68 million.
Privately held IG Copper holds a 51% interest in the project and serves as operator. Freeport-McMoRan Inc. subsidiary Freeport-McMoRan Exploration Corp. holds the remainder.
EMX Royalty said June 14 that IG Copper entered into a share purchase agreement with a wholly owned subsidiary of Russian Copper Co.
The deal is expected to close in the third quarter, subject to various factors including approval from the Russian Federal Anti-Monopoly Service.