Royal Gold’s subsidiary RG Royalties has acquired two portions of a gross smelter return (GSR) royalty on the Cortez Gold Complex in Nevada, US, for $204.1m in cash.

These portions of the GSR royalty cover an area of 1,630km² and comprise the Cortez mine operation and the complete Fourmile project.

The royalty package comprises a 0.24% gross royalty that covers areas that include the Pipeline and Crossroads deposits, and a 0.45% gross royalty that covers areas that include the Cortez Hills mine and the Goldrush, Fourmile and Robertson deposits.

The royalty interests have been acquired from certain holders, who are successors in interest to Idaho Mining Corporation.

The Nevada Gold Mines (NGM) joint venture between Barrick Gold (61.5%) and Newmont (38.5%) controls the area of the Cortez Complex, except the Fourmile development project.

Royal Gold CEO Bill Heissenbuttel said that the deal further consolidates its royalty position at the Cortez Complex.

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Heissenbuttel added: “Cortez is a cornerstone asset for Royal Gold and this acquisition increases and expands our interest in one of the world’s most prolific gold mines, which is operated by two of the leading companies in the gold business. We have consistently worked to enhance and extend the average life of the Royal Gold portfolio and this transaction again demonstrates our successful execution of this long-term strategy.”

“The royalty covers areas similar to those covered by the Rio Tinto royalty that we acquired in August 2022, with the important difference that the Idaho Royalty includes the existing Robertson deposits.”