Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) said it received record quarterly royalty income for the first quarter from the Caserones copper mine in Chile.
The mining royalty company received US$1.54mln (before tax), up 24.2% quarter on quarter, from its 0.418% net smelter return royalty interest in Caserones.
Altus alsosaid the mine operator for Caserones is now forecasting a mine life of 28 years, based on its latest reserves estimate, extending the previous forecast by 11 years.
“Given that no exploration drilling has reportedly been undertaken at Caserones since 2005, we believe the mine life could potentially be extended even further in the future,” said Altus chief executive Steven Poulton.
Altus said the increase in royalty income was linked to strong copper prices and higher production. It has received US$5.1mln in Caserones royalty income (before tax) since its acquisition last September.
“This performance not only reflects the quality of the Caserones asset, but also validates our royalty acquisition strategy and methodology,” said Poulton.
“We continue to assess opportunities to grow our royalty portfolio in line with this strategy and further enhance our revenue streams.”
Caserones is a large, open-pit copper-molybdenum deposit in the Atacama region of northern Chile.