The RMB royalty is something LCL management signed up to when they picked the assets up out of receivership when the company traded under the banner of MNC Metminco....
The RMB royalty is an existing 2% net smelter royalty over certain Colombian Assets that can be bought out within 10 business days of a decision to mine for $10,500,000 and is capped at maximum payment of total royalty payments of $15,000,000.
I understand LCL don't receive their Royalty of 1% until this royalty has been paid out or closed so a few years after the last payment is received for first Gold production.
RMB is a Investment Banking group a part of the First Rand Group with their Australian entity being the one that held the assets of the Columbian projects before they were sold to MNC..
Metminco Limited. (ASX:MNC) signed a heads of agreement to acquire Minera Seafield SAS from RMB Australia Holdings Limited for AUD 8.6 million in cash and stock on March 7, 2016.
LCL Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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