BHP Group Strikes Record $4.3B Silver Streaming Deal for Antamina Output
Miner BHP signed a record $4.3 billion silver streaming agreement with Wheaton Precious Metals, granting Wheaton rights to 33.75% of BHP’s silver output from Peru’s Antamina mine—declining to 22.5% after 100 million ounces. In addition to the upfront payment, Wheaton will pay 20% of the spot silver price per ounce delivered.
1. Record Silver Streaming Agreement
BHP Group signed a $4.3 billion silver streaming agreement with Wheaton Precious Metals covering its 33.75% share of silver output at the Antamina mine in Peru. This deal is the largest precious-metals streaming transaction to date and will drop to a 22.5% silver stream after 100 million ounces have been delivered.
2. Payment Structure and Terms
Wheaton will provide an upfront payment of $4.3 billion and make ongoing payments equal to 20% of the spot silver price for each ounce delivered. The structure leaves BHP’s existing customer contracts and joint-venture rights at Antamina unchanged.
3. Impact on BHP and Antamina
The agreement enables BHP to monetize its silver byproduct while retaining full exposure to core copper, zinc and lead production at Antamina. In 2025, on a BHP-share basis, the mine produced 124,200 tons of copper, 129,400 tons of zinc and 5.4 million ounces of silver.
4. Implications for Wheaton Precious Metals
This transaction doubles Wheaton’s attributable silver exposure at Antamina from 33.75% to 67.5%, reflecting tightening supply conditions and growing demand for silver in industrial and investment markets.