NEVADA – EMX Royalty announced that it has acquired, for $3.5 million, a 19.9% equity interest in Rawhide Acquisition Holding, a privately-held Delaware company that owns the Rawhide gold-silver mining operation in Nevada.
In a press release, EMX said it made the strategic investment in Rawhide as part of its acquisition plan focusing on near-term cash-flowing assets.
The mine is located approximately 50 miles from Fallon and is a fully permitted open-pit, heap leaching operation that is currently producing gold and silver doré.
Rawhide occurs in the prolific Walker Lane gold-silver belt, amidst multiple historic mines that produced more than 1 million oz. of gold.
The property was formerly operated as a subsidiary of Kennecott and produced 1.4 million oz. of gold and 10.9 million oz. of silver. Later on, Coral Reef Capital, a private equity firm, partnered with the Rawhide mine management team to acquire it from Rio Tinto in 2010.
Between 2011 and 2018, a total of 4.9 million tonnes were mined at the site, producing a total of 160,000 oz. of gold and 1.8 million oz. of silver.
This story originally appeared on www.Mining.com.