Kingsgate Consolidated (ASX:KCN) acquired royalty and water rights from Inversiones Anglo American Norte for the development of its Nueva Esperanza project in Chile, according to a Thursday filing with the Australian bourse.

The acquisition eliminates future pre-production royalties of $2 million per year, removes the 5% and 3% net smelter return royalty over Esperanza and Arqueros, respectively, and secures long-term water rights, removing the ongoing payment of $778,000 per year, the filing said.