Operator: Maritime Resources Corp.
Location: Newfoundland, Canada
Royalty: 7.5% NPI (all metals)
Term of Royalty: Life of Mine
Pine Cove is an open-pit gold mine, part of the larger Point Rousse Project, owned and operated by Maritime Resources Corp. Pine Cove is located within the Baie Verte Mining District, in north central Newfoundland, in the Province of Newfoundland Ontario and Labrador, Canada. The Pine Cove deposit was discovered in June 1987.
The Pine Cove mine is currently on care and maintenance.
Royal Gold holds a 7.5% net profits interest (NPI) royalty on all metals produced from the Pine Cove mine, calculated as the gross receipts generated from the claims less all cumulative development and operating expenses. The operation is currently in production; however, the payback of capital, a requisite to royalty payments, has not occurred to date.
Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation.