What we own

The Group has a 0.5% life of mine NSR royalty over the Cañariaco copper project (‘Cañariaco’) located in Northern Peru and owned by TSX-listed Candente Copper Corp. (‘Candente’). Cañariaco is a large-scale copper project which includes the Cañariaco Norte deposit, the Cañariaco Sur deposit and Quebrada Verde prospect located 3.5km south of Cañariaco Norte and immediately south-southwest of Cañariaco Sur. Cañariaco Norte has a delineated Resource estimate totalling 7.5bn pounds of contained copper in the Measured and Indicated category, plus 1.4bn pounds of contained copper in the Inferred category.

Under the royalty acquisition agreement, Anglo Pacific agreed to additional contingent consideration as follows:
• 20% of royalty payments received up to 31 December 2029;
• 15% of royalty payments received between 1 January 2030 and 31 December 2034; and
• 10% of royalty payments received between 1 January 2035 and 31 December 2039.

Performance

In May 2020 Candente announced that Nascent Exploration Pty Ltd, a wholly owned subsidiary of Fortescue Metals Group Ltd had increased its holding in Candente Copper to 19.92%.
Additionally, Fortescue allocated two engineers at its cost to work on a part time joint technical committee with Candente, with the goal of identifying the optimum strategy for the development of the project.