New from across the Vally TORONTO, July 12, 2020 /CNW/ – Triple Flag Precious Metals Corp. (“TFPM“) is pleased to announce that its wholly-owned subsidiary, Triple Flag Mining Finance Bermuda Ltd. (“Triple Flag Bermuda” and collectively with TFPM, “Triple Flag“) has entered into a 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%) (the latter two collectively, “Sumitomo“) . Triple Flag Bermuda will make an upfront cash payment of US$550 million and 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 (the “Stream“).
“Northparkes will be a new cornerstone asset, with robust cash flows over a very long mine life in a top-tier mining jurisdiction. 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. “Mining at Northparkes commenced in 1993 with a Reserve of 68Mt; 25 years later the mine has created significant value for its owners and their local stakeholders, and stands with a Reserve of 133Mt, a Resource of 483Mt and a long future ahead of it. Triple Flag is extremely pleased to be part of that future and will be joining Northparkes in their community investment program by committing A$50,000annually that will go towards scholarships and community initiatives. We are extremely pleased to be embarking upon a long-term partnership with CMOC, who have had an impressive track record of rapid growth through world-class international M&A mining deals, offering the potential for further strategic financing opportunities together in the future.”
CMOC Executive Director Li “Steele” Chaochun commenting on the transaction said, “This transaction provides CMOC with a lon