The group's principal activity is to acquire and manage precious metals royalties. The group seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests. The group also explores and develops properties that may contain precious metals and obtains royalty and other interests upon transferring the operating interests to other mining companies. Its principal mineral property interests are royalties over the mining complex that includes the pipeline and south pipeline gold mines operated by the cortez joint venture. The group owns a royalty on all of the properties held by yamana resources, inc. In santa cruz province, Argentina, a portion of the mule canyon mine operated by newmont mining corporation and an exploration-stage project in Nevada. In fiscal 2003, the group acquired high desert mineral resources.
