Entree Resources Ltd. sold its 0.5% net smelter royalty on Candente Copper Corp.'s Canariaco copper project in Peru to Anglo Pacific Group PLC for US$1 million of Anglo Pacific shares.
Entree, which acquired the royalty in mid-2015 for US$500,000, said June 8 that Anglo Pacific issued 478,951 shares to the company.
Canariaco is a copper-gold-silver deposit that hosts measured and indicated resources of 752.4 million tonnes grading 0.45% copper, 0.07 g/t of gold and 1.8 g/t of silver.
In a June 8 news release, royalty and streaming company Anglo Pacific described Canariaco as "one of the largest independently owned, undeveloped copper projects." It also said the acquisition reflected Anglo Pacific's focus on metals with exposure to growing demand due to electrification of the automobile industry, among other things.
Through the deal, Entree retained rights to some of the potential royalty payments. It gets 20% of royalties, if there are any, until the end of 2029, 15% of royalties between 2030 and 2034 and 10% of royalties between 2035 and 2039.
