Royal Gold deals only with royalty. Rather than operating gold mines, the company buys the right to collect royalties from mine operators. This strategy allows Royal Gold to minimize its exposure to the costs of mineral exploration and development. More than one-third of the company's revenue comes from its royalty interests related to the Cortez Pipeline Mining Complex, a project in Nevada, operated by Barrick; the Robinson mine operated by Quadra accounts for 24%. Royal Gold holds royalty stakes in other producing properties elsewhere in the Americas, as well as in Africa. The company also owns interests in exploration- and development-stage projects in the US and in Argentina, Finland, and Russia.