EMX Royalty (TSXV: EMX) announced that development construction has started on its Balya lead-zinc-silver royalty property in western Turkey.
In a press release, the Vancouver-based firm said that its operating partner Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. has started the work with a 4,900-meter decline and expects commercial production from the property to begin as early as Q4-2021.
“These developments represent a key milestone for EMX, as Balya is an organically generated royalty property,” the media brief states. “EMX originally acquired the mineral rights to the Balya project via its exploration programs in Turkey, and then subsequently sold the project to a partner company for further advancement and development with EMX retaining a royalty interest.”
In detail, EMX retained a 4% net smelter return royalty on the project, which is situated in the historic Balya mining district of northwestern Turkey and hosts the Hastanetepe lead-zinc-silver polymetallic deposit, which will be now called the Balya North deposit.
Esan, on the other hand, acquired the EMX royalty property at the end of 2019. The Turkish company operates another lead-zinc mine and flotation mill immediately adjacent to the Balya project, as well as other 40 mines and eight processing plants across Turkey.