(Kitco News) - On Tuesday, Triple Flag Precious Metals (TSX:TFPM, NYSE: TFPM) announced that it has entered into definitive agreements for the acquisition of the previously announced A$10 million gross revenue return and US$80 million gold and silver stream on the Prieska copper-zinc mine with Orion Minerals.
The company said that Prieska is a fully permitted project, located in a historically prolific copper district in Northern Cape, South Africa, with all critical and bulk infrastructure in place, adding that the project involves re-opening, dewatering and re-establishing mining operations in the existing underground mine.
The indicated mineral resource for Prieska currently stands at 19.1 Mt at a grade of 1.2% copper and 3.6% zinc, containing 227 kt and 686 kt of copper and zinc, respectively. The inferred mineral resource totals 11.4 Mt at a grade of 1.2% copper and 3.8% zinc, containing 134 kt and 433 kt of copper and zinc, respectively.
The mineral reserve stands at 14.5 Mt at a grade of 1.1% copper and 3.2% zinc, containing 153 kt and 462 kt of copper and zinc, respectively, and is classified as probable. Orion's 2020 study anticipates an 11.5-year life of mine, producing 226 kt and 680 kt of copper and zinc in concentrate, respectively, over the life of mine.
"We are excited about the opportunity to partner with the Orion team to restart this historically prolific copper mining district," commented Founder and CEO Shaun Usmar. "Prieska offers the potential for long- duration, low-cost, low-carbon-footprint copper production."
He added, "The mine will benefit the South African economy and local stakeholders through investment and much-needed job creation, while the GRR and Stream will enable the development of the mine and provide Triple Flag's shareholders with exposure to a high-margin, long-life, precious metals stream from byproduct production."
Triple Flag is a pure play, gold-focused, emerging senior streaming and royalty company. The company offers bespoke financing solutions to the metals and mining industry with exposure primarily to gold and silver in the Americas and Australia, with a total of 80 assets, including 9 streams and 71 royalties. These investments are tied to mining assets at various stages of the mine life cycle, including 15 producing mines and 65 development and exploration stage projects.
|
| Albemarle announces $180M lithium innovation hub in North Carolina |
