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Jervois' A$3.6M royalty sale to Franco Nevada lapses

Jervois Mining Ltd. said Sept. 2 that the A$3.6 million sale of its remaining royalty interests, including the Bullabulling gold project in Western Australia, to Franco-Nevada Corp., has lapsed.

Zijin Mining Group Co. Ltd., which owns the Bullabulling project through its unit Norton Goldfields, did not give consent over the royalty sale, which was one of the conditions required for the deal to close.

However, Zijin expressed its interest to purchase the royalty, which stands at A$30 per ounce of gold for the first 400,000 ounces and A$20/oz for the succeeding output.