Wheaton Precious Metals Closes US$4.3B Antamina Silver Stream with BHP
Wheaton Precious Metals completed its US$4.3 billion silver stream acquisition from BHP’s Antamina mine, securing 33.75% of payable silver at a fixed 90% factor until 100 million ounces delivery, then 22.5% for the life of mine. Ongoing payments equal 20% of spot silver price per ounce.
1. Transaction Terms
Effective April 1, 2026, Wheaton’s subsidiary WPMI completed the Antamina silver stream, purchasing the equivalent of BHP’s 33.75% share of payable silver at a fixed 90% payable factor until 100 million ounces are delivered. After that threshold, WPMI will acquire 22.5% of payable silver for the remaining mine life, having made an upfront US$4.3 billion payment and agreeing to ongoing payments equal to 20% of spot silver prices.
2. Production and Financial Impact
This stream adds significant long-life ounces to Wheaton’s portfolio, enhancing production visibility and cash flow leverage to silver prices. The fixed payable factor and capped ongoing payment rate support high operating margins, potentially strengthening dividend capacity and reducing overall production risk compared to direct mining operations.