On July 9, 2015, Teck Resources Ltd. (Teck) announced that Compañia Minera Teck Carmen de Andacollo (CDA) entered into a long-term gold offtake agreement with RGLD Gold AG (RGLDAG), a wholly owned subsidiary of Royal Gold, Inc., in respect of production from the Andacollo copper mine in central Chile. Under the terms of the offtake agreement, RGLDAG made an advance payment of US$525 million to CDA, which has agreed to sell and deliver, on a monthly basis, an amount of gold equal to 100 per cent of the payable gold produced from the Carmen de Andacollo mine until 900,000 ounces have been delivered, and 50 per cent thereafter. RGLDAG will also pay a per ounce cash price of 15 per cent of the monthly average gold price at the time of each delivery.