Chapter 20 - Blackridge Became More Valuable and Less Magical
Phase-two drilling resumed a year after trials.
I considered stopping entirely.
Blackridge had become poisoned in my mind.
Ruth asked:
“Do you want land to be remembered only as motive for crime?”
No.
So we continued.
Slowly.
Independent geological review confirmed more continuity than low case.
Not enough to make every blue-diamond headline accurate.
The resource was complex.
Higher-grade zones.
Significant ordinary diamond content.
Rare fancy blue stones.
Environmental costs substantial.
A major mining company offered joint venture.
Not one billion dollars cash.
Terms after negotiation:
Seventy five million dollar upfront option and access payment into Blackridge Resources LLC.
Up to one hundred eighty million in staged milestone payments if permitting, feasibility, and construction thresholds met.
Blackridge retained seven and a half percent gross production royalty on qualifying recovered stones after defined deductions? Gross royalty usually maybe over revenue; let's use 5% gross revenue and enhanced royalty on fancy colored stones. More plausible.
Five percent gross revenue royalty.
Additional premium royalty on independently graded fancy blue diamonds.
Environmental reclamation bond.
Local employment commitments.
Water monitoring.
Independent closure fund.
No guarantee mine would open.
Over next years, permits took time.
Some environmental groups opposed.
I listened.
Not every objection was enemy.
Project footprint changed.
A sensitive creek corridor was excluded.
Road rerouted.
Expected capital cost increased.
High case valuation shifted.
Markets moved.
At one point analysts valued my retained economic interest around $690 million.
Later above $900 million depending diamond prices.
I stopped quoting.
Numbers had already done enough damage.
What mattered:
Blackridge was secure.
Title clean.
Mineral rights inside trust-owned LLC.
No child had automatic claim.
No forged deed survived.
May you like
No hidden lien.
No secret co-owner.
