BHP’s $4.3B Antamina Silver Stream Could Boost Teck Asset Value
Teck holds a 33.75% stake in Peru’s Antamina mine, where BHP and Wheaton have struck a $4.3 billion silver streaming deal covering that share of output, dropping to 22.5% after 100 million ounces. This monetization of silver byproduct could unlock significant value for Teck’s asset valuation.
1. Teck’s Antamina Mine Ownership
Teck Resources holds a 33.75% interest in the Antamina copper-zinc mine in Peru’s Ancash region, matching BHP’s share. In 2025 the mine delivered 124,200 tonnes of copper, 129,400 tonnes of zinc and 5.4 million ounces of silver on a 33.75% basis, underpinning Teck’s production footprint.
2. BHP and Wheaton’s Silver Streaming Structure
BHP will receive $4.3 billion upfront plus payments equal to 20% of spot silver for 33.75% of Antamina’s silver output, declining to 22.5% after 100 million ounces are delivered. The structure monetizes byproduct silver while leaving copper, zinc and joint-venture rights unchanged.
3. Implications for Teck’s Asset Valuation
The streaming agreement delivers near-term cash value for Antamina’s silver, potentially boosting Teck’s asset valuation without altering operational control or existing contracts. Enhanced liquidity and improved byproduct monetization may prompt investors to re-evaluate Teck’s mine assets.