Wave energy developer Carnegie Wave Energy Limited has received $671,462 in two quarterly gold royalty payments related to Carnegie’s mining royalty held in the Higginsville Gold Operations.
Carnegie has received two quarterly cash gold royalty payments of $372,466 and $298,996 related to royalty interests in mining activities in the Higginsville district for the period January 1, 2014 to June 30, 2014.
The royalty is owned by Carnegie and is held at no cost as a result of Carnegie’s activities when it operated as a minerals exploration company in the 1990’s prior to the development of the CETO technology. Under the royalty, Carnegie receives a cash payment per ounce of gold extracted. The tenements are currently being operated by Metals X Limited as part of their Higginsville Gold Operations.
With the receipt of these two quarterly payments, Carnegie has now received $1,621,577 in gold royalty payments to date.
Carnegie is entitled to future cash royalty payments but they remain uncertain and depend on a number of variables including the future production and economic viability of future mining activities. The past and any future royalty income stream requires no expenditure or resources by Carnegie.