Metalla Royalty & Streaming Ltd (CVE:MTA) (NYSEAMERICAN:MTA) (FRA:X9C) CEO Brett Heath tells Proactive the group it has bought an existing 1.35% net smelter return (NSR) royalty on part of the Côté gold project and the Gosselin-Young-Shannon gold project, where construction of a US$1.3 billion mine started late last year.
Heath says Côté is owned by Canadian mining major IAMGOLD Corp. and Fortune 500 trading giant Sumitomo and the royalty was bought for C$7.5 million in cash from arm's length sellers.
The project is set to become one of Canada's largest gold mines with expected annual output of 493,000 ounces and total cash costs of US$600 per ounce in the first five years.