Wheaton Precious Metals Acquires BHP's 33.75% Antamina Silver Stream for $4.3bn

Wheaton secures major Antamina silver stream from BHP

Wheaton Precious Metals is expanding its exposure to Peru’s Antamina mine by agreeing to acquire BHP Group’s 33.75% portion of payable silver, in a deal that immediately boosts the miner-streamer’s scale of silver production and cash flow. The company’s wholly‑owned subsidiary, Wheaton Precious Metals International Ltd., signs a definitive Precious Metals Purchase Agreement that, on closing, raises Wheaton’s combined Antamina silver entitlement to 67.5% when added to its existing 33.75% delivered under the Glencore stream.

Deepening presence at Antamina

Company executives say the transaction deepens Wheaton’s footprint in a proven, long‑life, low‑cost operation and will materially increase near‑term production and operating cash flow. Management frames the deal as a transformative extension of a long‑standing relationship with the Antamina consortium that strengthens Wheaton’s profile among the world’s largest silver producers and supports an enhanced growth trajectory across its streaming portfolio.

Wheaton emphasizes that quality silver is increasingly difficult to source as industrial demand and investment interest rise, and presents streaming as a compelling financing and monetization tool. The agreement highlights the streaming model’s appeal to major miners: BHP elects to monetize its silver via a stream, transferring future metal exposure while the Antamina consortium retains operational control and joint commitment to responsible development.

Deal mechanics and timing

Wheaton will pay $4.3 billion in upfront cash on closing, subject to customary conditions, and the Silver Stream becomes effective April 1, 2026. Under the arrangement Wheaton purchases BHP’s 33.75% of payable silver until a cumulative 100 million ounces are delivered; thereafter the stream steps down to a 22.5% interest for the life of mine. Payable silver is calculated using a fixed payable factor of 90.0%.

Broader industry implications

The transaction reinforces streaming as a mainstream option for major producers seeking capital and risk transfer while preserving mine operations, and it increases Wheaton’s access to high‑quality silver supply. Executives portray the deal as delivering durable long‑term value and immediate cash‑flow benefits for Wheaton’s stakeholders while underlining the consortium’s shared focus on sustainable development at Antamina.