Bruce Kirchhoff, DU JD Graduate and Vice President and General Counsel of Royal Gold Inc., Talks About the Business of Buying and Managing Royalties

The University of Denver Sturm College of Law has many outstanding alumni practicing in the natural resources sector. One such alumnus is Bruce Kirchhoff, a 1984 JD graduate, who serves as Vice President and General Counsel for Royal Gold, Inc., a Denver-based precious metals royalty company.

Recently I set down with Mr. Kirchhoff to find out more about Royal Gold, which the Denver Business Journal recently recognized as among the "fastest growing" companies in Colorado ("Royal Shines Gold," Oct. 10, 2010).

According to Mr. Kirchhoff, "Royal Gold owns and manages royalties primarily on precious metals mines with a focus on gold. Our royalty portfolio provides investors with a unique opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with mine operations."

He went on to explain that Royal Gold owns a large portfolio of producing, development, evaluation, and exploration stage royalties located in some of the world's most prolific gold regions. "Through this high quality portfolio," Mr. Kirchhoff said, "Royal Gold maintains upside potential though any exploration successes by the operators and benefits when new reserves are produced."

Mr. Kirchhoff has over 20 years experience in a broad range of business, commercial, and corporate matters affecting natural resources companies. Most recently he was a partner with Carver Kirchhoff Schwarz McNab & Baily, where he represented hardrock and industrial minerals clients as well as mineral exploration and development companies. Earlier in his career he was a senior attorney with Cyprus Amax Minerals Company.

Despite his busy schedule, Mr. Kirchhoff has been extremely generous in his support of the Environmental and Natural Resources Law program at DU. Several years ago he co-taught "International Mining Law & Policy." In more recent years, he has spoken to various DU law courses about his work and experience, thus providing students with invaluable insight into the mining sector. We are delighted that he is part of the College of Law community. Preparations are underway to have Mr. Kirchhoff speak to ENRL program students in spring 2011.

Royal Gold is headquartered in Denver and traded on the NASDAQ Global Select Market and on the Toronto Stock Exchange.

Don C. Smith
Director
Environmental and Natural Resources Law Program

Associate Professor Tom Romero Comments on New Poll Finding That Latinos, Asians More Concerned Than Whites About Environment

Associate Professor Tom Romero of the University of Denver Sturm College of Law recently brought an article to our attention. The article, "Latinos, Asians more worried about environment than whites, poll finds," was published in The Los Angeles Times (Nov. 20, 2010).

Professor Romero, who teaches Water Law and Property Law, added these observations:

"These findings are not surprising given the scholarship of the environmental justice movement that has documented the fact that the burdens of industrial development have almost always been borne by communities of color. As a result of past as well as present practices of racial discrimination in housing and employment markets, communities of color in California, as well as Colorado, live in large concentrations near hazardous chemical waste disposal sites, refineries, industrial operations, freeways and railroads.

"As such, these communities suffer disproportionately ill health and social effects created by air, noise, and water pollution. Yet, that such a large percentage of Latinos and Asian Americans and Pacific Islanders in the California survey, many of whom are recent migrants from the developing world, identified a concern with the environment also speaks to an emerging multi-racial and international sensibility about the laws and policies protecting the environment that has ramifications that stretch far beyond California.

"As the article points out, ignoring the concerns of Latinos, Asian Americans and Pacific Islanders, African Americans, and American Indians is poor advocacy for all of us lawyers and policy makers concerned about protecting the environment."

Professor Romero is one of the Environmental and Natural Resources Law program's full-time professors. He teaches and researches in the areas of the legal history of the American West, Latinos and the law, school desegregation in multiracial contexts, property, land use, water law, and urban development and local government in the United States and Latin America. Professor Romero is currently completing a book-length manuscript on law and race relations in post-World War II Denver.

Four University of Denver Law Students Win Prestigious Rocky Mountain Mineral Law Foundation Scholarships

Four University of Denver Sturm College of Law students in the Environmental and Natural Resources Law (ENRL) program have earned prestigious scholarships from the Rocky Mountain Mineral Law Foundation (RMMLF).

The scholarships, which were announced today, are awarded to students enrolled at one of the 30 laws schools affiliated with the RMMLF. The award winners demonstrate, among other things, "a commitment to the study of natural resources law." The RMMLF, which is one of the leading practitioner-oriented organizations of its kind in the world, includes many of the world's preeminent oil and gas and mining attorneys.

The recipients of the Spring 2011 RMMLF Scholarships are:

• Raven Adams, a JD student who expects to graduate in May 2012.
• Alex Aidaghese, an LLM student originally from Nigeria who expects to graduate in May 2011.
• Luis Antonio La Rosa Airaldi, an LLM student from Peru who expects to graduate in May 2011.
• Rocio Urbina-Linares, an LLM student from Peru who expects to graduate in May 2011.

Don C. Smith, Director of the ENRL program, said, "To win a Rocky Mountain Mineral Law Foundation scholarship is one of the top honors that any student studying in the field of natural resources can aspire to. Consequently, we are extremely proud of each of these students not only for what he or she has accomplished so far, but also for what they will likely contribute to the natural resources field in the future. Our winning students reflect the depth and diversity of DU's ENRL program, with one of the winners from the U.S. and the other three orignially from Nigeria and Peru."

Lucy Daberkow, Assistant Director of the ENRL graduate programs said, "Recruiting the best students for our program is one of our top priorities. Clearly, the RMMLF recognizes their potential in future careers as natural resources practitioners."

For many past recipients, the award of a RMMLF scholarship is one of the highlights of their academic career. It is worth noting that 24 scholarships in total were given to students applying from the 30 law schools that are affiliated with the Foundation. Four of the 24 were awarded to Sturm College of Law students.

What We Are Reading: Week of Nov. 14-20, 2010

A listing of some of the key articles that we have read this past week:

• "China Buys Up the World, and The World Should Stay Open for Business," The Economist, Nov. 13-19, 2010
• "Chinese Takeovers: Being Eaten by the Dragon," The Economist, Nov. 13-19, 2010
• "Energy Special Report," Financial Times, Nov. 1, 2010
• "Power to the European Market: A Single Energy Market Would be Good for Consumers, the Environment and Security," The Economist, Nov. 13-19, 2010