Triple Flag Precious Metals Corp. announces that its wholly owned subsidiary, Triple Flag International Ltd., has acquired 5% silver and gold streams on each of the Arcata and Azuca mines in Peru operated by Sierra Sun Precious Metals S.A.C. for total cash consideration of $35 million.
“We are pleased to announce that we have acquired 5% silver and gold streams on the Arcata and Azuca mines in Peru from Sierra Sun, a well-established operator in the country,” commented Sheldon Vanderkooy, CEO.
“Collectively, Arcata and Azuca are expected to have at least a 10-year mine life, with Sierra Sun targeting production to restart at Arcata in the near term. GEOs pursuant to the Streams are expected to rise over the course of the ramp-up to approximately 5 to 6 thousand GEOs per year by 2028. There is no step-down in stream rates.
The Sierra Sun management team have extensive experience in Peru and have provided mining and engineering services to some of the top mining companies operating in the country. We believe that Arcata and Azuca are exciting precious metals restart and development opportunities, respectively, with excellent exploration upside, and we look forward to our partnership with Sierra Sun.”