Northparkes is operated by CMOC on behalf of the Northparkes Joint Venture
Triple Flag closes $550m gold and silver stream on CMOC's Northparkes Mine. (Credit: Adam Radosavljevic from Pixabay)
Triple Flag Precious Metals Corp. (“TFPM”) is pleased to announce the closing of the acquisition, by its wholly-owned subsidiary, Triple Flag Mining Finance Bermuda Ltd. (“Triple Flag Bermuda” and collectively with TFPM, “Triple Flag”), of a gold and silver stream agreement with certain subsidiaries of China Molybdenum Co., Ltd. (collectively, “CMOC”), to receive gold and silver deliveries determined by reference to production 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%), SC Mineral Resources Pty Ltd. (6.7%) and Sumitomo Metal Mining Oceania Pty Limited (13.3%). Triple Flag Bermuda has made an upfront cash payment of US$550 million and will make on-going payments equal to 10% of the spot gold price and spot silver price at the time of delivery for gold and silver equal to 54.0% of the gold and 80.0% of the silver produced at Northparkes.
Source: Company Press Release