The Denver, Colorado-based company fingered the temporary shutdown of Centerra Gold's (TSX:CG) Mount Milligan copper-gold mine, in British Columbia, in the first calendar quarter this year because of inadequate water resources. Royal Gold was entitled to 35% of the payable gold and 18.75% of payable copper output from the mine, and it contributed a significant amount of the sreamer's quarterly metal receivables.
Royal Gold reported sales of 57,000GEOs, comprising 48,000oz gold, 572,000oz silver and 380 metric tonnes copper for the first fiscal quarter of 2019. About 20,000oz gold, 545,000oz silver and 350t copper remained in inventory as at September 30.
The company reported average realised prices of US$1,221/oz, $15.25/oz, and $2.63 per pound, for gold, silver and copper respectively, compared with $1,314, $16.55, and $3.11/lb in the prior quarter, respectively.
The cost of sales was about $288/oz GEO, using the quarterly average silver-gold ratio of about 81:1 and a copper-gold ratio of about 0.2t per ounce.
The company planned to release its financial results for fiscal first quarter of 2019 on October 31.
At September 30, Royal Gold owned interests on 191 properties on six continents, including interests on 40 producing mines and 18 development-stage projects.
Royal Gold closed 2% lower Tuesday at $74.70 a share, which gave it a market capitalisation of nearly $5 billion.