DENVER (AP) â¿¿ Royal Gold Inc. said Wednesday that it has finished buying Mount Miligan gold stream from Thompson Creek Metals Company Inc.
Royal Gold paid $226.5 million for the right to 25 percent of the payable gold from the copper-gold project in conjunction with the closing of Thompson Creek's acquisition of Terrane Metals Corp.
Royal Gold will pay Thompson $85 million more as the Mount Milligan project is built plus a fee for each payable ounce of gold delivered
The Mount Milligan project is under construction. Production is expected to start in 2013.Shares of Royal Gold rose 74 cents to $48.96 in afternoon trading.