BHP Seals Record $4.3 Billion Silver Streaming Deal Covering 33.75% Antamina Output
BHP will receive $4.3 billion upfront from Wheaton Precious Metals for a silver streaming agreement covering 33.75% of its Antamina output, declining to 22.5% after 100 million ounces. Wheaton will pay 20% of spot silver per ounce, enabling BHP to monetize silver byproduct while retaining core metals exposure.
1. Deal Overview
On February 17, BHP signed a $4.3 billion silver streaming agreement with Wheaton Precious Metals covering 33.75% of its Antamina mine silver output. The upfront payment represents the largest precious-metals streaming transaction to date and is effective April 1, 2026 pending approvals.
2. Streaming Agreement Terms
The stream initially covers 33.75% of BHP’s silver output at Antamina, dropping to 22.5% after delivery of 100 million ounces. Wheaton will also make ongoing payments equal to 20% of the spot silver price per ounce.
3. Impact on BHP
This transaction allows BHP to monetize its silver byproduct at Antamina without diluting its core copper, zinc and lead operations. The deal strengthens BHP’s liquidity position and underscores the value of its Antamina investment, which produced 5.4 million ounces of silver on a BHP-share basis in 2025.
4. Impact on Wheaton
For Wheaton Precious Metals, this agreement doubles its exposure to Antamina’s silver production, increasing attributable output from 33.75% to 67.5%. The move supports Wheaton’s strategy to secure high-quality silver streams given tightening supply and growing demand from industrial and investment sources.