Loading ...Canada’s Triple Flag, China’s CMOC agree to streaming deal for Australian mine
Mine financing company Triple Flag Precious Metals Corp said on Sunday it has agreed to pay $550 million upfront as part of a streaming financing deal with China Molybdenum Co Ltd (CMOC) for future production of precious metals at CMOC’s Northparkes mine in Australia.
Streaming transactions are a type of alternative financing in the mining industry where funds are provided upfront to a miner in exchange for the sale of a fixed amount of future production of metals at a discounted price.
The deal, between units of the two companies, gives Triple Flag rights to a majority of gold and silver to be produced at the mine in New South Wales until the Toronto-based company receives 630,000 ounces of gold and 9 million ounces of silver.