Wheaton Precious Metals Pays $4.3B to Double Antamina Silver Stream to 67.5%

Wheaton Deepens Antamina Silver Footprint

Wheaton Precious Metals is buying BHP’s 33.75% share of silver production from the Antamina mine in Peru, a move that immediately doubles the company’s entitlement at the operation to 67.5%. The transaction, executed through Wheaton’s wholly owned subsidiary Wheaton Precious Metals International Ltd., is structured as a definitive Precious Metals Purchase Agreement known as the Silver Stream and is effective April 1, 2026. Wheaton agrees to pay $4.3 billion in upfront cash on closing, subject to customary conditions.

Under the agreement Wheaton purchases BHP’s 33.75% of payable silver until a cumulative 100 million ounces is delivered, after which the stream reduces to 22.5% of payable silver for the remaining life of mine. Payable silver under the stream is calculated using a fixed payable factor of 90.0%. Company executives say the arrangement boosts near‑term production and operating cash flow and materially increases Wheaton’s exposure to high‑quality silver from a long‑life, low‑cost mine.

Wheaton’s management presents the deal as transformative for its silver portfolio, deepening a long‑standing relationship with the Antamina consortium and reinforcing the firm’s rank among the world’s largest silver producers. Executives say the structure highlights streaming as a compelling route for major miners to monetize metals while providing Wheaton durable cash flow, and they underline rising demand for silver in industrial uses and as a safe‑haven asset that makes quality ounces harder to source.

Antamina’s operational profile and consortium ties

Antamina is a large, proven copper‑silver‑zinc mine in Peru operated by a consortium that includes several global miners. Wheaton and the consortium frame the transaction as consistent with responsible development and long‑term value creation for stakeholders in the region, noting Antamina’s long mine life and relatively low operating costs as drivers of the stream’s appeal.

Deal structure and strategic implications

The Silver Stream is notable for its scale and timing: it converts BHP’s silver production into immediate cash for the miner while granting Wheaton a significant and predictable metal supply under fixed payable terms. Wheaton says the addition strengthens its growth profile and delivers significant near‑term cash flow and long‑term metal exposure without taking on direct mining operating risk.