By Joe Hoppe
Altus Strategies PLC said Tuesday that it has received copper and gold royalty revenues of $1.7 million in the first quarter since acquiring a portfolio of royalties from Newcrest Mining Ltd.
The mining company said its royalty acquisition strategy was delivering significant returns since it embarked on the plan in August last year, amid a continued strong demand for copper and gold.
Altus paid a total of $24.0 million for Newcrest in February in a joint acquisition with AlphaStream Ltd.
It now holds 33 separate royalty interests, including on four producing mines, with a number of strategic royalty acquisitions currently under review, the company said.
"Separately, our experienced technical teams are actively advancing numerous prospective gold and base metal projects across Africa as part of our high-impact 'boots on the ground' royalty generation strategy," Chief Executive Steven Poulton said.
Shares at 0705 GMT were up 1.5 pence, or 2.8% at 55.0 pence.
Write to Joe Hoppe at firstname.lastname@example.org
(END) Dow Jones Newswires
April 05, 2022 03:34 ET (07:34 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.