TORONTO, Oct. 27, 2020 /CNW/ - Triple Flag Precious Metals Corp. ("Triple Flag") would like to congratulate Zijin Mining Group Co., Ltd. ("Zijin") on the completion of construction and formal opening of the Buriticá mine, which was presided over by President Duque in a virtual ceremony on 23 October, 2020.
"Zijin has done a remarkable job to complete construction of the Buriticá mine in the midst of a global pandemic, having overcome major challenges relating to Covid-19 in order to ensure the health and wellbeing of their workforce and local stakeholders" commented Shaun Usmar, Founder and CEO. "As a world-class, flagship gold mine, the Buriticá mine will bring significant economic prosperity to the region of Antioquia and Colombia as a whole. Triple Flag is proud to be a partner in this journey and looks forward to seeing the continued future success of the mine."
Buriticá is an underground gold mine located in the Antioquia Department of north-western Colombia, approximately 91km northwest of Medellín. Buriticá is owned and operated by Zijin Mining Group Co., Ltd. following the acquisition of Continental Gold Inc. in March 2020. In March 2019, Triple Flag International acquired a gold and silver stream on Buriticá for an upfront payment of $100 million. The agreement entitles Triple Flag International to purchase 2.1% of payable gold produced and 100% of payable silver produced at Buriticá for 10% and 5% of the spot gold and silver price, respectively, for each ounce delivered under the stream. Zijin has provided Triple Flag with irrevocable notice of exercise of buyback of the gold stream for $80 million, less net gold cashflows received. The gold stream buyback is expected to close on December 31, 2020. Triple Flag's remaining silver stream covers the entirety of Buriticá's approximately 755km2 land package and includes both the Yaraguá and Veta Sur mineral systems and is open-ended, with no cap, step-down or buyback features. Buriticá is expected to produce nearly 3.5 million ounces of gold and over 6.4 million ounces of silver over its life-of-mine as per the most recent NI 43-101 Technical Report released on March 18, 2019. A video highlighting the progress of the mine and its impact on the regional economies can be found below:
About Triple Flag
Triple Flag is a precious metals streaming and royalty company offering bespoke financing solutions to the metals and mining industry. Our mission is to be a sought-after, long-term funding partner to mining companies throughout the commodity cycle while generating attractive returns for our investors. Since our inception in 2016, we have rapidly developed a diversified portfolio of streams and royalties providing exposure primarily to gold and silver in the Americas and Australia. We have 40 assets, including 9 metals streams and 31 royalties. These investments are tied to mining assets at various stages of the mine life cycle, including 14 producing mines (3 of which are ramping-up to commercial production), 1 in the final stages of commissioning, and 25 development and exploration stage projects. References to Triple Flag mean Triple Flag Precious Metals Corp., together with its wholly-owned subsidiaries.
SOURCE Triple Flag Precious Metals Corp
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