Starlight Geothermal Ltd. will purchase Eurasian's share in exchange for cash payments and potential royalties from future geothermal energy production in the region. This comes three years after EMX began its geothermal program as a means of extracting more value from its mining operations.
Since 2010, Eurasian Minerals has acquired and advanced early-stage programs with high geologic potential in locations with favorable working conditions and business environments. Their portfolio included five licenses in Slovakia that spanned more than 120 square miles. The region was initially appealing given the country's progressive nature regarding renewable energy.
EMX had also acquired four licenses in Latin America, largely in Peru, which will be included in the Starlight deal. EMX was developing projects to harness the volcanic and thermal springs in the locale and praised the Peruvian government's initiative regarding the development of renewable energy.
In the purchase, Starlight has given EMX a 5 percent stake in its company going forward and fractional percentages of its gross royalties for the Slovakian and Peruvian projects.