Altus Strategies PLC - Oxfordshire, England-based mining royalty company - Receives record pretax royalty income of USD1.5 million during the first quarter of 2022 from the Caserones copper mine in Chile. Attributes increase in royalty income to stronger copper prices during period and higher production. Recieves total royalty income of USD5.1 million before tax since the company's acquisition in September last year.
The company says the mine operator now expects a mine life of 28 years based on its most recent declaration of reserves, reflecting an 11-year increase to the previous mine life.
Altus Chief Executive Steven Poulton says: "This performance not only reflects the quality of the Caserones asset, but also validates our royalty acquisition strategy and methodology. We continue to assess opportunities to grow our royalty portfolio in line with this strategy and further enhance our revenue streams. I look forward to providing further updates in due course."
The Caserones mine is a copper deposit located within a 17,000 hectare land located in Atacama region of northern Chile, an indirect 100% owned subsidiary of JX Nippon Mining & Metals Corporation of Japan. It has been in operation for five years following a capital investment of about USD4.2 billion.
Current stock price: up 7.4% at 48.85 pence each on Thursday midday in London.
12-month change: down 23%
By Xindi Wei; xindiwei@alliancenews.com
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