Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Battered Teck (NYSE:TCK) announced a silver stream agreement today with Franco Nevada.
The stream will be linked to the Antamina mine, which is 22% owned by Teck. In return for the stream, Teck will get a US$610 million upfront payment.
Teck outlined the streaming agreement in a news release:
Franco-Nevada will make an upfront payment of US$610 million to Teck and will pay 5% of the spot price at the time of delivery for each ounce of silver delivered under the agreement. Teck will deliver silver to Franco-Nevada equivalent to 22.5% of payable silver sold by CMA, using a silver payability factor of 90%. After 86 million ounces of silver have been delivered under the agreement, the stream will be reduced by one third. Closing of the transaction is subject to completion of certain corporate matters and customary conditions and is expected to take place in the first half of October.
The news did Teck some good. It was up 14% to $6.79 today. Year to date the company has lost half its value.
Franco Nevada (NYSE:FNV) was mostly unchanged. For the year it is only down 1.5%.
