Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) said it received its first quarterly royalty payment from its interest in the Caserones copper mine in Chile, which has transformed the company into a revenue generating business.
Altus received US$1.34mln before tax (£0.97mln), or US$0.94mln after tax, from its net smelter return royalty relating to second-quarter production at the mine. The amount exceeded expectations by 18%, mainly due to strong copper prices.
"We are delighted to have received our first royalty income from our NSR royalty on the Caserones copper mine in Chile, having completed the final closing of the acquisition last month,” Altus chief executive Steven Poulton said. “The income is a landmark event for Altus, as we have now transitioned into a revenue generating business.”
He said the payment was the highest quarterly royalty payment since production started at Caserones in 2015.
“The next royalty payment is expected as soon as November 2021,” he added.
Altus said the global copper price outlook remains strong.