Under the Rocks are the Words, Rocky Mountain Mineral Law Foundation

Kari MacKay authored the article "Under the Rocks are the Words: How a metal purchase agreement revolutionized alternative financing and launched the new majors - a look back at the first decade of metal streaming transactions", originally published by the Rocky Mountain Mineral Law Foundation in the Proceedings of the 60th Annual Rocky Mountain Mineral Law Institute (2014).

Excerpt:

The capital-intensive mining (and resource extraction) industry has always focused on developing creative alternatives for project financing.  Traditionally, debt and equity financings and alliances with alternative investors (including sovereign wealth funds) have been employed to finance mining projects.  In the past decade, the increasing sophistication of portfolio optimization and alternative financing strategies and the market realities of volatile commodity prices, enhanced geopolitical risk, and contracting economies have led to the development of popular new forms of financing: metal streaming and royalty transactions.