Oriole Resources PLC (LON:ORR) has concluded the conversion of its interest in the Muratdere copper-molybdenum-gold deposit to a 1.2% post-tax net smelter return (NSR) royalty.
Lodos, the new owner of the mine, which is located in Turkey, has continued to advance Muratdere towards mine-construction.
"We are pleased with the progress our partner has made in moving Muratdere towards mine-development,” said Bob Smeeton, the chief financial officer of Oriole.
“The conversion of our interest to a 1.2% NSR royalty gives us a valuable and potentially saleable asset. We would anticipate the net smelter return to be approximately 90% of the estimated US$400 million gross metal revenues over the sixteen-year mine life, making the 1.2% royalty a substantial asset for the group," he added.
READ Oriole's stake at Muratdere legacy project now less than 10%
