Platinum group metals (PGMs) miner Royal Bafokeng Platinum (RBPlat) and Triple Flag Mining Finance Bermuda have closed the $145m gold streaming transaction.

This completion is related to a gold streaming agreement entered in October last year.

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RBPlat signed the agreement through its wholly owned subsidiary Royal Bafokeng Resources.

RBPlat would deliver 70% of gold produced from its South African mining operations, up to 261,000oz, to Triple Flag in exchange for the financing.

Under the agreement signed in October, Triple Flag will pay an additional 5% of the gold spot price to RBPlat for each ounce of gold delivered.

After the delivery of 261,000oz, Triple Flag will receive 42% of gold production for the remaining life of the mine.

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Triple Flag CEO Shaun Usmar said: “Triple Flag is pleased to provide RBPlat with innovative financing to help enable their strategic objectives.

“In return, we have secured another high-margin, long-life gold stream on a world-class PGM complex with a high-quality operating partner with a track record of excellent employee and community stewardship.

“We are also pleased to have awarded our inaugural scholarships to seven impressive young local students, as part of our $100,000 per year scholarship programme, to help fund the university education of the families of RBPlat’s employees and their doorstep communities.”

The prepayment proceeds have been used by RBPlat to fully clear the ZAR1.8bn ($125m) debt to Rustenburg Platinum Mines and finance the acquisition of the remaining 33% interest in the Bafokeng Rasimone Platinum Mine joint venture (JV).