Orion Mine Finance sale of streams from the Kudz Ze Kayah and Platreef Projects
Torys is acting as counsel to Orion Mine Finance in its US$455 million sale of a portfolio of streams to Wheaton Precious Metals Corp., including streams from BMC Minerals Limited’s Kudz Ze Kayah Project in the Yukon and Ivanhoe Mines Ltd.'s Platreef Project in South Africa.
On November 15, 2023, Wheaton Precious Metals Corp. ("Wheaton") announced that it and its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. ("Wheaton International") entered into a definitive agreement with certain entities managed by Orion Resource Partners ("Orion") to acquire two existing streams in respect of Ivanhoe Mines Ltd.'s Platreef Project in South Africa and one existing stream in respect of BMC Minerals Limited's Kudz Ze Kayah Project in the Yukon.
Under the terms of the acquisition agreement, Wheaton and Wheaton International will pay upfront cash consideration of US$450 million to Orion on the closing of the acquisition of the Platreef and Kudz Ze Kayah streams, with an additional US$5 million contingency payment in respect of the Kudz Ze Kayah.
Closing of the acquisition is expected to occur in the first quarter of 2024.
Further information can be found on Canada Newswire’s website.
Wheaton is one of the largest precious metals streaming companies in the world.
Orion Mine Finance Group is one of the world's leading mining-focused private equity businesses.
Torys also acted on the following in connection with this project:
| Province/State | Yukon |
| Country | South Africa, Canada |
| Nature of Engagement | Stream Financing |
| Client | Orion Mine Finance |
| Client Role | Seller |
| Value | $455,000,000 USD |
| Key Features | Multijurisdictional |