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EMX eyes royalty revenue after Turkey project ownership change

Vancouver, British Columbia-based EMX Royalty Corp. on Jan. 7 reported the transfer of the Balya polymetallic property in Turkey, where the company owns a 4% net smelter royalty.

The company said private Turkish company Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. AŞ acquired the lead-zinc-silver prospective property from Dedeman Madencilik San. ve Tic. AŞ in late 2019.

EMX said the deal will enhance its revenue from the royalty, which is uncapped and cannot be repurchased. Esan is expected to integrate Balya into its own lead-zinc mine and a flotation mill.

As part of the deal, EMX executed a revised royalty agreement with Esan that provides for blending materials mined from the Esan property and Balya as well as guidelines regarding royalty payment calculations.

EMX initially acquired Balya from an auction by the Turkish government before it formed a royalty partnership with Dedeman, which further advanced the property.