Skip to content.

Zijin and EMX executed an updated Timok Royalty Agreement

Date Closed

September 1, 2023

Lead Office


On September 1, 2023, Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”) and EMX Royalty Corporation ("EMX") executed an amended and restated royalty agreement for its Timok royalty property. EMX and Zijin have agreed that the Timok royalty will consist of a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced. The royalty covers Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine. As part of the execution of the revised royalty agreement, EMX will receive approximately US$6.68 million. This includes royalty payments of $1.59 million from July-December, 2021, royalty payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023. From that point forward EMX will continue to receive quarterly production royalty payments on an ongoing basis.

Zijin Mining Group Co., based in Longyan, China, is a large multinational mining group engaged in the global exploration and development of copper, gold, zinc and lithium, as well as engineering and technological research. 

McCarthy Tétrault advised Zijin with a team led by Joyce Lee that included Ainslie Hurd and Daniel Bornstein (Business).