BHP Group monetises Antamina silver via $4.3bn Wheaton streaming deal

Antamina silver deal reframes BHP’s asset strategy

BHP is using streaming to monetise a substantial portion of silver production at its Antamina copper‑zinc mine in Peru, entering a definitive Precious Metals Purchase Agreement that shifts near‑term revenue into an upfront cash transaction. The company’s wholly‑owned subsidiary contracts with Wheaton Precious Metals International Ltd. (WPMI) to sell a 33.75% share of payable silver, effective April 1, 2026, in a deal that Wheaton funds with a $4.3 billion upfront deposit on closing. The move reflects a deliberate choice by the world’s largest miner to convert a non‑core metal entitlement into immediate capital while retaining operational stewardship of the asset.

BHP frames the arrangement as part of broader portfolio management rather than an exit from Antamina, preserving its operating role in a proven, long‑life, low‑cost operation while sharing future silver streams. By monetising the silver through a streaming counterparty, BHP extracts value without taking on additional production risk or near‑term capital commitments tied specifically to silver. The structure also aligns with consortium governance at Antamina, enabling continued collaboration on development and responsible mining practices while unlocking liquidity for other priorities across BHP’s global portfolio.

The decision to monetise via streaming signals an industry trend where major producers use alternative financing models to manage commodity exposure and capital allocation. BHP’s selection of a large, established streaming partner underscores confidence in the stream model’s ability to deliver predictable cash and simplify metal price and timing exposure for the miner. The arrangement furthermore highlights how large miners can leverage long‑life assets to create immediate balance‑sheet flexibility while still promoting long‑term value creation for stakeholders in host jurisdictions.

Terms and immediate impact

Under the agreement WPMI increases its Antamina silver entitlement to a combined 67.5% when paired with the existing Glencore stream, buying BHP’s 33.75% until 100 million cumulative ounces are delivered, after which the purchase rate drops to 22.5% for the life of mine. Payable silver is calculated with a fixed 90.0% payable factor, and Wheaton’s management says the stream materially boosts its near‑term production and operating cash flow.

Broader industry context

Wheaton’s executives describe the deal as transformative for silver supply exposure amid rising industrial and safe‑haven demand and tighter availability of high‑quality silver. For the mining industry, the transaction underscores streaming as a mainstream tool for capital optimisation, enabling majors like BHP to rebalance portfolios while maintaining commitments to responsible development and consortium partners.