Northparkes Mines’ owner CMOC announces US$550 million streaming agreement
Northparkes Mines’ owner CMOC announces US$550 million streaming agreement
CMOC-Northparkes Mines’ (Northparkes) owner and operator China Molybdenum Co., Ltd (CMOC), is pleased to announce that they have entered into a streaming agreement with Triple Flag Mining Finance Bermuda Ltd. (“Triple Flag Bermuda”), a wholly-owned subsidiary of Triple Flag Precious Metals Corp. (“TFPM” and collectively with “Triple Flag Bermuda, “Triple Flag”), to the value of US $550 million.
CMOC Vice Chairman Li “Steele” Chaochun said, “This transaction provides CMOC with a long-term financing arrangement at a compelling cost of capital. It demonstrates significant value with reference to the gold and silver by-product from Northparkes, an operation that delivers consistent performance and presents outstanding resources potential.”
Northparkes Managing Director Hubert Lehman said, “This is an exciting opportunity for Northparkes as it demonstrates the operation’s solid operational performance, great resources potential, long term future prospect and robust economic value.”
As a result of this agreement, Triple Flag will be allocating $50,000 annually to support the Parkes and Forbes Shires through community initiatives and scholarships.
“The hard work, dedication and support of our people, contractors, their families and the community in which we operate, has been instrumental in our success over the years. This additional funding demonstrates Triple Flag’s commitment to not only Northparkes, but the local communities of Parkes and Forbes,” said Hubert.
To read CMOC’s press release, please visit: https://en.cmoc.com/html/2020/News_0712/32.html.
About CMOC-Northparkes Mines
Northparkes is a copper and gold mine located 27 kilometres north-west of Parkes, in the Central West of New South Wales, Australia. Since 1993 Northparkes has been celebrated for our high-quality copper deposits, low cost operations and loyal, committed people. Northparkes is a joint venture between China Molybdenum Co., Ltd (CMOC) (80%) and the Sumitomo Groups (20%).
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Media enquiries:
Ali Standen
Northparkes Mines
02 6861 3621
