Royal Gold Provides Update on Pascua-Lama
DENVER -- July 1, 2013
Royal Gold, Inc. (NASDAQ:RGLD; TSX:RGL, “Royal Gold”) announced that Barrick
Gold Corporation (“Barrick”) provided an update on June28, 2013, regarding
its Pascua-Lama project in Chile and Argentina. Royal Gold holds a 0.78% to
5.23% sliding scale net smelter royalty on the Chilean side of the Pascua Lama
project and is not responsible for capital costs or other costs of the
Barrick announced that it has submitted a plan, subject to review by Chilean
regulatory authorities, to construct the project's water management system in
compliance with permit conditions for completion by the end of 2014, after
which Barrick expects to complete remaining construction works in Chile,
including pre-stripping. Barrick intends to re-sequence construction of the
process plant and other facilities in Argentina in order to target first
production by mid-2016 (compared to the previous schedule of the second half
Barrick said it now expects to reduce capital expenditures at Pascua-Lama for
2013 by approximately $700-$800 million to $1.8-$2.0 billion, and for 2014 by
approximately $0.8-$1.0 billion to approximately $1.0-$1.2 billion.
Barrick also indicated that it is awaiting a decision from the Copiapo Court
of Appeals with respect to a constitutional rights protection action filed in
September 2012 on behalf of four indigenous communities seeking an order
suspending construction of the project in Chile.
In their announcement, the CEO of Barrick stated that “This mine has
significant and strategic value for Barrick shareholders and the project's
host jurisdictions of San Juan Province, Argentina and the Atacama Region of
Royal Gold is a precious metals royalty company engaged in the acquisition and
management of precious metal royalties and similar interests. The Company’s
portfolio consists of 204 properties on six continents, including interests in
36 producing mines and 21 development stage projects. Royal Gold is publicly
traded on the NASDAQ Global Select Market under the symbol “RGLD,” and on the
Toronto Stock Exchange under the symbol “RGL.” The Company’s website is
located at www.royalgold.com.
Cautionary “Safe Harbor” Statement Under the Private Securities Litigation
Reform Act of 1995: With the exception of historical matters, the matters
discussed in this press release include forward-looking statements that
involve risks and uncertainties that could cause actual results to differ
materially from projections or estimates contained herein. Such
forward-looking statements include statements regarding the timing of initial
production from and capital costs related to Barrick’s Pascua-Lama project.
Factors that could cause actual results to differ materially from such
forward-looking statements include, among others, Barrick’s ability to bring
the project into production on time and with capital costs in accordance with
its revised budget, the outcome of legal and regulatory proceedings regarding
the project, precious metals prices, economic and market conditions, as well
as other factors described in our Annual Report on Form 10-K, and other
filings with the SEC. Most of these factors are beyond the Company’s ability
to predict or control. The Company disclaims any obligation to update any
forward-looking statement made herein. Readers are cautioned not to put undue
reliance on forward-looking statements.
Royal Gold, Inc.
Karli Anderson, 303-575-6517
Vice President Investor Relations
Press spacebar to pause and continue. Press esc to stop.