Breakwater Resources Ltd. (TSX: BWR) (TSX: BWR.WT.A) has entered royalty agreement with Red Mile Resource No. 15 Limited Partnership and Ronpam Resources Limited Partnership. Under the agreement, Breakwater has sold basic royalties based on a portion of the payable zinc production, covering the lifespan of the Myra Falls mine. Breakwater has earned $69.4 million in cash, which included the royalty income of $62.6 million and fees and interest of $6.8 million
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Pursuant to the royalty agreements, the company is required to make basic royalty payments at set amounts per pound of payable zinc produced, which ranges from $0.022 per pound to $0.193 per pound for the Red Mile royalty and from $0.015 per pound to $0.043 per pound for the Ronpam royalty over the first 11 years of the respective royalty agreements.
Breakwater is a mining, exploration and development company which produces and sells zinc, copper, lead and gold concentrates to customers around the world. The Company's concentrate production is derived from three mines in Chile, Honduras and Canada. Breakwater's Langlois mine in Quebec, Canada is currently on temporary care and maintenance.
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