China Molybdenum Co has sold the rights to future gold and silver production from its Northparkes mine in Australia to a company backed by US hedge fund Elliott Management.
Under the deal announced on Sunday, CMOC, which is listed in Shanghai and Hong Kong, will receive $550m in cash upfront from Triple Flag Precious Metals Corp plus ongoing payments in return for gold and silver output from the mine.
The agreement between CMOC, which has a market value of $12bn, and Triple Flag is the first so-called streaming transaction involving a Chinese mining company.
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