EMX Royalty (EMX) said Tuesday that it has signed an exploration alliance agreement with gold producer Avesoro Holdings unit, Avesoro Morocco, under which EMX will sell its Moroccan operating entity to Avesoro.
EMX said Avesoro will fully fund the alliance activities, including the advancement of certain exploration projects in EMX's Moroccan portfolio, as well as new projects identified by the alliance for acquisition.
The alliance will initially last two years, but it can be extended by mutual agreement, EMX said.
Avesoro has made an execution payment of $650,000 to EMX and will invest at least $1.5 million per year to advance the alliance projects and make new acquisitions in Morocco, EMX added.
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