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Be the first with the news that moves the market- EMX Royalty Corporation (EMX) has received initial royalty production payments from its Balya North royalty property in western Turkey
- EMX holds an uncapped 4 per cent net smelter return (NSR) royalty on metals production from Balya North
- EMX anticipates that production will now ramp up to reach a projected production total of approximately 170,000 tonnes of material in 2022
- EMX anticipates production of approximately 450,000 tonnes of material from Balya North in 2023
- EMX is a precious, base and battery metals royalty company
- EMX Royalty Corporation (EMX) opened trading at C$2.60
EMX Royalty Corporation (EMX) has received initial royalty production payments from its Balya North royalty property in western Turkey.
EMX holds an uncapped 4 per cent net smelter return (NSR) royalty on metals production from Balya North, a newly commissioned lead-zinc-silver mine operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (Esan), a private Turkish company.
In the first half of 2022, Esan’s advancement of the Balya North asset consisted of mine development and opening of production headings and faces for exploitation in Q3 and Q4 of 2022. Production and processing of materials from Balya North in the first half of 2022 consisted of material stockpiled during the construction process.
EMX has received payments from the processing of this material totalling US$98,787, inclusive of US$15,069 in Value Added Tax (“VAT”). These royalty payments are from 30,223 tonnes of processed material, averaging 1.68 per cent lead, 1.34 per cent zinc, and 39.9 g/t silver.
The Balya North Mine is now operational. EMX anticipates that production will now ramp up to reach a projected production total of approximately 170,000 tonnes of material in 2022. EMX anticipates production of approximately 450,000 tonnes of material from Balya North in 2023.
The Balya North lead-zinc-silver deposit is situated in the historic Balya mining district of northwestern Turkey.
Esan acquired the EMX royalty property at the end of 2019 and is a private Turkish company that operates 40 mines and eight processing plants. Most importantly, Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX’s Balya North royalty property. The mineralization at Balya North is effectively an extension of the mineralization currently being mined by Esan in the main Balya deposit.
Esan is also continuing exploration programs at Balya North to expand the currently defined zones of mineralization and to find new bodies of mineralization on the EMX royalty property.
EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality while limiting exposure to risks inherent to operating companies.
EMX Royalty Corporation (EMX) opened trading at C$2.60.
