BHP has entered into a US$4.3B silver streaming agreement with Wheaton Precious Metals, marking the largest precious‑metals streaming transaction to date based on upfront consideration. The agreement was executed through a wholly owned BHP subsidiary and became effective on 1 April.
Under the terms of the deal, BHP will deliver silver equivalent to 33.75% of its interest in the Antamina mine in Peru, subject to a 90% payable rate, until a total of 100Moz of silver has been streamed. Thereafter, the stream will reduce to 22.5% for the remaining life of the mine. Wheaton will pay 20% of the prevailing spot silver price per ounce, with settlements conducted via metal credits rather than physical delivery.
Antamina is operated by Compañía Minera Antamina, with ownership shared between BHP (33.75%), Glencore, Teck Resources and Mitsubishi. The mine is a major producer of copper, with silver generated as a by‑product alongside zinc and lead.
BHP chief executive officer Mike Henry said the agreement enables the company to unlock additional value from Antamina while retaining full exposure to its base‑metal production. Chief financial officer Vandita Pant added that, together with a recent transaction involving Global Infrastructure Group, the company expects to unlock more than US$6B in cash, strengthening balance‑sheet flexibility and supporting long‑term shareholder value.
Wheaton Precious Metals, the world’s largest precious‑metals streaming company, said the transaction provides long‑term silver exposure from a tier‑one asset while aligning with its environmental, social and governance commitments.
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Please note: This Web site and The Assay magazine and the information and materials on this Web site and in The Assay magazine are not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, any regulated products, securities or investments. This Web site and The Assay Magazine do not, and should not be construed as acting to, sponsor, advocate, endorse or promote any regulated products, securities or investments. This Web site and The Assay magazine and the information and materials on this Web site and in The Assay magazine do not, and shall not be construed as, making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of any regulated products, securities or investments, including, without limitation, any advice to the effect that any mining or metals related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor. A decision to invest in any regulated products, securities or investments should not be made in reliance on any of the information or materials on this Web site or in The Assay magazine. Before making any investment decision, prospective investors should seek advice from appropriately qualified and licensed financial, legal, tax and accounting advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.
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