Conyers advised for Triple Flag Mining Finance Bermuda Ltd. (“Triple Flag Bermuda”) on their entering into a silver stream agreement with Milpo UK Limited (“Milpo UK”), a subsidiary of Compañía Minera Milpo S.A.A. (“Milpo”), in relation to silver production from Cerro Lindo, a poly-metallic zinc mine in Peru. Triple Flag Bermuda will make an upfront payment of US$250 million to Milpo UK and will pay 10% of the spot silver price at the time of delivery for each ounce of silver delivered under the agreement. Milpo is 100% owner of Cerro Lindo and is a subsidiary of VM Holding S.A. (“VMH”), part of Votorantim S.A.’s portfolio.
Michael Frith of Conyers’ Bermuda office advised on the matter.