BlackRock World Mining is buying a royalty linked to production from Avanco Resources’ current licensed projects including the Antas North deposit and the Pedra Branca deposit both in Brazil. For $12m BlackRock World Mining gets a 25% royalty payment on gold production and a 2% payment on the production of other metals including copper.
Following this transaction, BlackRock World mining will have 8.26% of its portfolio invested in unquoted investments. The Board say they are happy to keep making similar investments with the aim of taking the proportion of the portfolio invested in unquoteds up to their self-imposed limit of 20%.