Rio Tinto PLC Rio Tinto completes sale of Cortez Gold Royalty (5814U)
02 Agosto 2022 - 8:15AM
UK Regulatory
TIDMRIO
RNS Number : 5814U
Rio Tinto PLC
02 August 2022
2 August 2022
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Rio Tinto completes sale of Cortez Gold Royalty for $525 million
in cash
Rio Tinto has completed the sale of a royalty it holds on an
area including the Cortez mine operational area and the Fourmile
development project in Nevada (the "Cortez Complex") to RG
Royalties LLC, a direct wholly-owned subsidiary of Royal Gold Inc.,
for $525 million in cash.
The Cortez Royalty is a 1.2% [1] gross production royalty on (i)
the Cortez gold mine that is operated by Nevada Gold Mines, a joint
venture between Barrick Gold Corporation ("Barrick") and Newmont
Corporation; and (ii) the Fourmile project which is 100% owned and
operated by Barrick. Rio Tinto obtained the royalty as partial
consideration for the sale of its 40% interest in the Cortez
Complex to Barrick in 2008. Royalty payments commence once the
Cortez Complex has produced a total of 15 million ounces of gold
since 2008. This is expected to occur imminently.
Rio Tinto Chief Financial Officer Peter Cunningham said: "This
transaction unlocks hidden value from our portfolio and releases
cash immediately."
[1] Royalty calculated as 1.2% at current gold prices. The
royalty rate is determined based on a scale from 0% at gold prices
less than US$400/oz up to 3% at gold prices greater than $900/oz,
calculated on 40% of the production from the undivided Cortez
Complex land package.
Contacts Please direct all enquiries to media.enquiries@riotinto.com
Media Relations, UK Media Relations, Australia
Illtud Harri Jonathan Rose
M +44 7920 503 600 M +61 447 028 913
Matthew Klar Matt Chambers
M + 44 7796 630 637 M +61 433 525 739
David Outhwaite Jesse Riseborough
M +44 7787 597 493 M +61 436 653 412
Media Relations, Americas Investor Relations, Australia
Simon Letendre Amar Jambaa
M +514 796 4973 M +61 472 865 948
Malika Cherry
M +1 418 592 7293
Investor Relations, UK
Menno Sanderse
M: +44 7825 195 178
David Ovington
M +44 7920 010 978
Clare Peever
M +44 7788 967 877
Rio Tinto plc Rio Tinto Limited
6 St James's Square Level 7, 360 Collins Street
London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +61 3 9283 3333
T +44 20 7781 2000 Registered in Australia
Registered in England ABN 96 004 458 404
No. 719885
This announcement is authorised for release to the market by
Steve Allen, Rio Tinto's Group Company Secretary.
riotinto.com
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END
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August 02, 2022 02:15 ET (06:15 GMT)
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