Royalties › Kingston Royalty
The Kingston royalty pertains to an area of mining tenements covering approximately 100 sq. kms which consists of Komatiite terrain immediately north of Mount Keith and to the immediate south of Honeymoon Well (Figure 1). The tenure is held jointly by BHP and MPI Nickel Pty Ltd ("MPI") over the royalty area.
Figure 1 — Mt Keith/Kingston Royalty Area
Should any nickel production occur from the titles, Metals X would receive a royalty of 0.375% of the total contained nickel in concentrate or ore produced and dispatched from the royalty area.
The price received by Metals X would be the lower of the LME Nickel Settlement Price Average or the LME Nickel 3 months seller average, both expressed in US dollars and then converted back into Australian Dollars on monthly average Hedge Settlement rates.
The Kingston royalty has no terminal date.