Morien announces receipt of the first royalty payment from the Donkin mine
Published by Louise Mulhall,
Editorial Assistant
Global Mining Review,
Morien Resources Corp. has announced the receipt of the first royalty payment from Kameron Collieries ULC (Kameron), an affiliate of the Cline Group LLC, and owner/operator of the Donkin Coal Mine (Donkin) in Cape Breton, Nova Scotia. Although nominal in value, the payment signals the commencement of Donkin coal sales to third parties. This royalty payment covers the period from April 1 to 30 June, 2017.
Morien royalty and milestone payment
Morien owns a gross production royalty of 2% on the first 500 000 t of coal sales per calendar quarter (excluding the initial 10 000 t of coal produced and sold from Donkin) and 4% on any coal sales from quarterly tonnage above 500 000 t (Royalty). The Royalty is payable to Morien on a quarterly basis over the anticipated 30 plus year mine life.
Morien is entitled to receive its third and final milestone payment of US$1.5 million from Kameron on the earlier of first commercial sale of export coal from Donkin and the third anniversary of the closing of the transaction ( 27 February, 2018).
Read the article online at: https://www.globalminingreview.com/finance-business/20072017/morien-announces-receipt-of-the-first-royalty-payment-from-the-donkin-mine/
You might also like
Syntax partners with Rio2 to accelerate gold mining with SAP transformation
Syntax, a leading global technology solutions provider driving enterprise transformation in the cloud, has announced the successful completion of an SAP transformation for Rio2 Limited, delivering a future-ready digital core that has enabled the junior mining company to transition efficiently from construction to full operations at its Fenix Gold Mine in Chile within a year.