The Bermudian-based subsidiary of a giant Canadian mining company has closed a major acquisition in Australia.

Osisko Bermuda Ltd closed on the silver and copper streams on Metals Acquisitions Ltd’s CSA mine near the town of Cobar in New South Wales for $150 million.

The CSA mine is a high-grade, long-life, underground copper-silver mine. It was first discovered in the 1870s and large-scale production commenced in the mid-1960s.

Today, the mine operates 24 hours a day and employs 500 people. It has an estimated remaining mine life of more than 15 years.

At nearly 1.2 miles deep, it is the second deepest copper mine in the country.

CSA stands for “Cornish, Scottish and Australian” after the nationalities of its first owners.

News of the deal came as Montreal-headquartered Osisko Gold Royalties Ltd announced its consolidated financial results for the year-end 2023.

The company reported 94,323 gold equivalent ounces earned compared with 89,367 in 2022.

GEOs are calculated on a quarterly basis and include royalties and streams. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period.

Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period.

The company reported revenues from royalties and streams of Cdn$247.3 million (approximately $183.2 million), compared with $217.8 million ($161.3 million) in 2022.

Osisko had cash flows generated by operating activities of $187 million ($138.5 million), compared with $175.1 million ($129.7 million) in 2022.

The company reported a net loss of $48.3 million ($35.8 million), compared with net earnings of $85.3 million ($63.2 million) in 2022, mostly due to non-cash impairment charges largely as a result of a fair value assessment of investments and royalty and stream interests of $149.6 million ($110.8 million).

Jason Attew, president and chief executive of Osisko, said: “2023 was a banner year for Osisko marked by new annual records achieved with respect to GEOs earned, revenues, cash flows and margins, in addition to the closing of several key transactions, which will positively contribute to Osisko’s cashflow and GEOs earned.”