South32 to sell minerals royalties
South32 Ltd. said it will sell a package of minerals royalties to Elemental Royalties Corp in exchange for $US40 million in cash and $US15 million in Elemental shares.
The agreement includes three gold royalties and one related non-gold royalty and will result in South32 taking a roughly 20 per cent share in Elemental, South32 said.
“The sale of these royalties is another step forward in unlocking value in our portfolio, at a time when there is strong appetite for exposure to standalone royalty investments,” chief executive Graham Kerr said.
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