Wheaton Precious Metals secures BHP’s 33.75% Antamina silver stream, boosting entitlement to 67.5%

Wheaton clinches landmark silver stream at Antamina

Wheaton Precious Metals is securing a transformative silver purchase agreement with a BHP subsidiary that materially expands its exposure to the Antamina mine in Peru. The company’s wholly owned unit, Wheaton Precious Metals International Ltd. (WPMI), enters a definitive Precious Metals Purchase Agreement to acquire BHP’s 33.75% portion of payable silver at Antamina, bringing Wheaton’s combined entitlement to 67.5% when added to the existing 33.75% delivered under a Glencore stream. WPMI pays a $4.3 billion upfront deposit on closing, subject to customary conditions, and the stream is effective April 1, 2026.

Under the agreement, WPMI purchases BHP’s 33.75% of payable silver until a cumulative 100 million ounces have been delivered, after which the company continues to buy 22.5% of payable silver for the life of mine. Payable silver is calculated using a fixed payable factor of 90.0%. Wheaton’s management frames the deal as a rare opportunity to deepen exposure to a long-life, low-cost operation and immediately boost production and operating cash flow, while reinforcing its standing among the world’s largest silver producers. Executives portray the arrangement as extending a long-standing relationship with the Antamina consortium and as delivering durable, long-term value while supporting responsible development.

Company leaders emphasise that quality silver is increasingly difficult to source amid rising industrial demand and persistent interest in precious metals as a store of value. They describe streaming as an effective mechanism for major mining companies to monetize metal exposure without relinquishing operational control. The transaction, they say, strengthens Wheaton’s growth profile by combining near-term cash flow uplift with a multi-decade silver supply from a proven asset, enhancing the company’s ability to serve industrial and investment markets globally.

Antamina’s profile and sector implications

Antamina is a large, high-quality copper‑silver‑zinc operation in Peru known for low unit costs and a long remaining mine life, making it attractive to stream financiers seeking stable metal volumes. By increasing its entitlement at a single, high-grade operation, Wheaton secures a meaningful portion of silver production that underpins both present cash generation and future portfolio resilience.

Industry context

The deal also illustrates a broader trend of major miners, including the world’s largest, using streaming arrangements to unlock liquidity and share commodity exposure with specialised financiers. For Wheaton and the streaming model, the transaction signals continued appetite for structured metal financing as a complement to traditional offtake and equity strategies.