BlackRock World Mining made a $12m investment in Avanco Resources (a Brazilian copper play) in August 2014. Today it has announced the receipt of $4m from the company which is the first payment under the royalty contract. They say Avanco successfully completed an equity raising earlier in the year, which combined with the $12 million BlackRock royalty, should see the Antas North copper & gold project fully financed into production. They go on to say that construction activities continue at site with first production expected in Q1 2016.
BRWM : BlackRock World Mining gets first royalty payment from Avanco