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Eurasian Minerals (TSXV:EMX) has agreed to sell its interests in Haiti to its joint venture partner Newmont Ventures, a wholly owned subsidiary of Newmont Mining (NYSE:NEM) for US$4 million and a 0.5 percent NSR.
Eurasian Minerals (TSXV:EMX) has agreed to sell its interests in Haiti to its joint venture partner Newmont Ventures, a wholly owned subsidiary of Newmont Mining (NYSE:NEM) for US$4 million and a 0.5 percent NSR.
As quoted in the press release:
The now terminated EMX-Newmont joint ventures (the “Joint Ventures”) covered six designated exploration areas along a 130 kilometer trend of northern Haiti’s Massif du Nord mineral belt. Since 2013, activities in the designated exploration areas have been limited to care and maintenance only.
Pursuant to the transaction, Newmont acquired all of EMX’s interest in the Research Permit applications on the following terms:
- Newmont paid US $4 million (CAD $5.3 million) in cash to EMX at closing;
- The Joint Ventures were terminated;
- EMX retains a 0.5% NSR royalty on the 49 Research Permit applications covering the designated exploration areas;
- EMX retains the right to acquire any properties proposed to be abandoned or surrendered by Newmont.