SSR Mining (TSX: SSRM; NASDAQ: SSRM; ASX: SSR) is selling its non-core royalty portfolio to EMX Royalty (TSXV: EMX; NYSE-AM: EMX) for a total of US$100 million.
The sum consists of US$33 million in cash; US$33 million in EMX shares; and US$34 million in deferred compensation payments that will be delivered on project development milestones.
Once the transaction closes, SSR Mining will own about 12% of EMX.
The 18 royalties being sold include interests in the Gediktepe and Yenipaza projects in Turkey and exploration and development stage assets in the Americas that are owned by companies or operators including Nevada Gold Mines, Industrias Penoles, Endeavour Silver (TSX: EDR; NYSE: EXK), Aftermath Silver (TSXV: AAG; US-OTC: AAGFF), Argonaut Gold (TSX: AR) and AbraSilver Resource (TSXV: ABRA; US-OTC: ABBRF).
EMX has about 160 royalties, including a 1% GSR royalty on portions of Nevada Gold Mines' Leeville, Turf and other underground gold mining operations in Nevada; a 4% net smelter return royalty on the Balya property in Turkey and a 0.5% NSR royalty on the Timok project and the Cukaru Peki discovery in Serbia.
SSR Mining owns four producing mines: Copler in Turkey; Marigold in the United States, Seabee in Canada; and Puna in Argentina. In addition it has the San Luis project in Peru and the Pitarrilla project in Mexico. The company also has exploration projects in Canada and Turkey.
In Toronto at presstime, SSR Mining's shares were trading at $20.14 within a 52-week trading range of $17.29 and $33.69.
EMX's shares were trading at $3.85 within a one-year range of $3.37 and $4.83 per share.