Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Elliott Investment Management on Thursday raised its stake in gold-focused streaming and royalty firm Triple Flag Precious Metals Corp to 67% from 64.7%.
The hedge fund acquired 4.7 million shares in Triple Flag at C$16.50 per share.
Triple Flag provides upfront financing to miners in exchange for a share of future revenue or production. It has vested interests in royalty, concerning Alamos Gold Inc’s Young-Davidson mine located in Ontario, and Kirkland Lake Gold Ltd’s Fosterville underground mine in Australia.
The mine financing company in 2021 had raised more than $250 million in an initial public offering, the biggest Toronto Stock Exchange mining debut since 2012.
Elliott previously had bought 129.1 million shares in the Canada-based company, according to an SEC filing.
(By Arshreet Singh; Editing by Shilpi Majumdar)
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