(Alliance News) - Gold producer Orosur Mining Inc on Thursday said it received a USD500,000 payment from a Newmont Corp subsidiary as part of an earn-in agreement at the Anza project in Colombia.
The agreement with Newmont Colombia SAS, announced back in September 2018, included a "three-phase earn-in structure". This would which allow Newmont to earn up to a 75% ownership interest in the Anza Project by spending a minimum of USD30.0 million, completing a compliant feasibility study and making cash payments to Orosur equalling a total of USD4.0 million.
Orosur added: "During the first two years of the exploration agreement, Newmont is committed to spend a minimum of USD1 million per year on qualifying expenditures), or pay Orosur cash in lieu of completing said minimum work commitment, in order to maintain the phase 1 earn-in right."
Shares in the company closed 4.8% lower at 2.81 pence each in London on Thursday.
By Eric Cunha; ericcunha@alliancenews.com
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Orosur Mining (OMI)