Elliott-Backed Triple Flag Lining Up First Mining Finance Deals – by (Bloomberg News – August 27, 2016)


The former finance chief of Barrick Gold Corp. says his new mining-finance company backed by billionaire Paul Singer’s Elliott Management Corp. is on the prowl for opportunities in the Americas and Australia, primarily targeting precious metals deals.

Triple Flag Mining Finance Ltd. has put in three first-round offers and is advancing on one binding bid, Chief Executive Officer Shaun Usmar said in an interview with Bloomberg TV Canada. Elliott is willing to invest more than $1 billion to start, he said.

Usmar, who announced in March he was leaving his post as CFO of the world’s largest gold producer to open the fund, said he’s held discussions with friend Mick Davis about the possibility of working together if opportunities arose. Davis, the former head of Xstrata Plc, founded private-equity firm X2 Resources in 2013.

“Frankly, I’ve sought advice from the likes of Mick before even taking on this opportunity,” Usmar said Friday.

Long Bets

Triple Flag is looking at investments ranging from $100 million to $500 million. It isn’t in for a quick return, Usmar said, noting that having Elliott as backer allows him to make longer term bets.

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