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Altius spending C$65M to raise Potash Royalties' stake to 91.3%

Altius Minerals Corp. teamed up with a private third party to buy an additional 44.9% interest in Potash Royalty Ltd. Partnership from Liberty Metals & Mining Holdings LLC for C$75 million in cash plus nominal price adjustments.

Of this figure, Altius will pay C$65 million to bring its total interest in Potash Royalties to 91.3% from 52.4%.

Potash Royalties generates royalty revenue from six producing potash mines in Saskatchewan, including Nutrien Ltd.'s Rocanville, Vanscoy, Allan, Cory and Patience Lake mines as well as Mosaic Co.'s Esterhazy mine.

At current throughput rates, these mines have an estimated average remaining life of 49 years based on their reserves and resources.

Altius said March 22 that it will fund the deal from its existing balance sheet liquidity, which comprises about C$130 million in cash and unused revolving credit facilities.

The transaction is expected to close by March 31, subject to the satisfaction of customary closing conditions.