Northparkes is a copper and gold mine located 27 kilometres northwest of Parkes, in New South Wales, Australia. Northparkes is a joint venture between Evolution Mining (80%) and Sumitomo (20%) with Evolution as the operator of Northparkes. Evolution acquired its interest in Northparkes from China Molybdenum Co. (CMOC) in December 2023.
"Northparkes is our cornerstone asset, with robust cash flows over a very long mine life in a top-tier mining jurisdiction. This is a globally recognized mine with an excellent track record of safety, operations, reserve replacement and community involvement further bolstering and diversifying our portfolio," Shaun Usmar, Founder, CEO and Director of Triple Flag Precious Metals.
On July 17, 2020, Triple Flag announced the closing of the acquisition, by its wholly-owned subsidiary, Triple Flag Mining Finance Bermuda Ltd. of a gold and silver stream agreement with certain subsidiaries of China Molybdenum Co., Ltd. to receive gold and silver deliveries determined by reference to production from the Northparkes copper-gold mine located in New South Wales, Australia. Triple Flag Bermuda has made an upfront cash payment of US$550 million and will make on-going payments equal to 10% of the spot gold price and spot silver price at the time of delivery for gold and silver equal to 54.0% of the gold and 80.0% of the silver produced at Northparkes.
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