Triple Flag to acquire 0.5% royalty on Argentina lithium project
TSX- and NYSE-listed Triple Flag Precious Metals Corp has entered into a definitive agreement to acquire an existing 0.5% gross overriding revenue royalty on the Tres Quebradas construction-stage lithium project, in Argentina, from Lithium Royalty Corp for $28-million.
Tres Quebradas is owned and operated by Zijin Mining Group and is a scalable, high-grade asset with low impurities, designed as a conventional brine with evaporation and precipitation.
Phase 1 of the mine is under construction, with the goal of reaching nameplate production of 20 000 t/y of battery-grade lithium carbonate.
Triple Flag expects to close the transaction with Lithium Royalty Corp in the first quarter of 2025 and that royalty revenue from the Phase 1 project to start in the second quarter.
It points out that Zijin is also considering a potential expansion of nameplate production capacity to between 40 000 t/y and 60 000 t/y of lithium carbonate under a Phase 2 development.
“While Triple Flag’s core focus remains on precious metals opportunities, the acquisition of the Tres Quebradas royalty is a unique, counter-cyclical opportunity to deploy capital and gain exposure to a large, well-capitalised mining project with a long life and significant upside potential at attractive returns," comments. Triple Flag CEO Sheldon Vanderkooy.
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