Press release
Royal Gold Provides Update on Mount Milligan and Issues Update on Impacts of COVID-19
DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (NASDAQ: RGLD) (“Royal Gold” or the “Company”) today provided an update on Mount Milligan and a summary of recent
About this update from Royal Gold, Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nRoyal Gold, Inc. (NASDAQ: RGLD) (“Royal Gold” or the “Company”) today provided an update on Mount Milligan and a summary of recent events resulting from the impact of COVID-19.\n\n\nMount Milligan Update\n\n\nReserves and Life of Mine Plan \n\n\nCenterra Gold Inc. (“Centerra”) today published an updated National Instrument 43-101 (“NI 43-101”) technical report for the Mount Milligan Mine, which provides a detailed update to the life of mine plan contained in the previous 43-101 report for the Mount Milligan Mine published by Centerra in 2017. Key highlights as reported by Centerra include:\n\n\n\nA reduction in proven and probable reserves due to increased costs, lower expected productivities, and lower process plant throughput compared to the 2017 report, as well as an update to the resource model and re-estimation of metallurgical recoveries. As at December 31, 2019, the impact of these factors on proven and probable reserves compared to December 31, 2018, as reported by Centerra, is as follows:\n\n\nReserves of 191.0 million tonnes, a net decrease of 240.2 million tonnes after including production of 16.4 million tonnes in 2019;\n\n\nContained gold of 2.4 million ounces, a net reduction of 2.1 million ounces of contained gold after including the processing of 279,000 ounces of contained gold in 2019;\n\n\nGold reserve grade of 0.39 grams per tonne, up from 0.33 grams per tonne;\n\n\nContained copper of 959 million pounds, a net reduction of 785 million pounds of contained copper after including the processing of 92 million pounds of contained copper in 2019; and,\n\n\nCopper reserve grade of 0.23%, up from 0.19%.\n\n\n\n\n\nCenterra calculated proven and probable reserves at December 31, 2019 using a gold price of $1,250 per ounce, a copper price of $3.00 per pound, and an exchange rate of US$ 1.00 to C$ 1.25, which are consistent with the assumptions used in the December 31, 2018 reserve calculations.\n\n\n\nThe highlights of the updated mine plan are as follows:\n\n\nProduction based on a 9-year reserve life through 2028;\n\n\nAverage life of mine recoveries of 61.8% for gold and 80.6% for copper;\n\n\nLife of mine payable gold production of 1.45 million ounces, or an average of 161,000 ounces per year;\n\n\nLife of mine payable copper production of 735.6 million pounds, or an average of 81.7 mil...