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EMX Royalty options copper porphyry project in Arizona to Antofagasta

EMX Royalty Corp., through its unit Bronco Creek Exploration Inc., optioned its Greenwood Peak copper porphyry project in Arizona to Antofagasta Plc.

Antofagasta can earn 100% of the project by paying a total of US$630,000 and spending US$4.5 million on the property within five years.

EMX will retain a 2% net smelter returns royalty on the project covering about 970 hectares, according to the Dec. 18 release.

Antofagasta is also required to make milestone payments totaling US$3.5 million, from which a US$2 million payment, due on completion of a feasibility study, is recoupable against royalty payments.