Oriole Resources PLC's interest in the Muratdere copper-gold project in Turkey will shortly be converted to a 1.2% net smelter royalty after its stake fell below 10%, as per the terms of its joint venture deal with Lodos Maden Yatırım Sanayii ve Ticaret A.Ş.
In 2012, Oriole, formerly Stratex International PLC, sold a 51% stake in the project to Lodos, the mining investment arm of Turkish financial firm Pragma Finansal Danismanlik, for US$1.7 million.
Lodos went on to increase its stake to 70% after paying US$500,000 and completing a feasibility study in 2015. In 2016, Oriole decided to stop contributing its share of project financing due to market conditions, a move that slashed its stake to 14.87%.
Oriole's interest continued to be diluted as Lodos made further payments, with a focus on completing an environmental impact assessment.
In a March 8 release, Oriole said it has several other assets in Turkey that it will continue to support in addition to the royalty.