Triple Flag Precious Metals Corp.
announced Sunday that its wholly-owned subsidiary, Triple Flag Mining
Finance Bermuda Ltd. has entered into a stream agreement with certain
subsidiaries of China Molybdenum Co., Ltd. (CMOC), to receive gold
and silver from the Northparkes copper-gold mine located in New
South Wales, Australia. Northparkes is operated by CMOC on behalf of
the Northparkes Joint Venture, an unincorporated joint venture
between CMOC (80 percent), SC Mineral Resources Pty Ltd. (6.7
percent) and Sumitomo Metal Mining Oceania Pty Limited (13.3
percent). Triple Flag Bermuda will make an upfront cash payment of
$550 million and on-going payments equal to 10 percent of the
spot gold price and spot silver price at the time of delivery for
gold and silver equal to 54 percent of the gold and 80 percent of the
silver produced at Northparkes.
Northparkes is a well-established producing copper and gold mine located in central New South
Wales, Australia, approximately 27 kilometers north-northwest of the
town of Parkes. Discovered in 1976, the mine has been operating
since 1993 and is one of the lowest cost copper mines in the world.
“This is a globally recognized mine
with an excellent track record of safety, operations, reserve
replacement and community involvement further bolstering and
diversifying our portfolio," commented Shaun Usmar,
founder and CEO of Triple Flag.
On Friday, the gold spot price closed at $1,798.60 an ounce with silver closing at $18.68 an ounce.
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