Triple Flag Precious Metals (TFPM) said Wednesday that its Triple Flag International unit has acquired 5% of silver and gold streams on the Arcata and Azuca mines in Peru, operated by Sierra Sun Precious Metals, for $35 million in cash.
Under the agreement, Triple Flag will pay 10% of the spot price for each ounce delivered, with no step-down in rates.
The company said Arcata and Azuca are expected to have a minimum 10-year mine life. The operator Sierra Sun expects Arcata to begin production in H2 2025, while Azuca is expected to start by the end of 2029.
The mines are expected to contribute 5,000-6,000 gold equivalent ounces annually by 2028.
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