Home Market News Wheaton Precious Metals Strikes Silver Stream Deal Worth $115M Upfront

Wheaton Precious Metals Strikes Silver Stream Deal Worth $115M Upfront

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Wheaton Precious Metals Strikes Silver Stream Deal Worth $115M Upfront

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Wheaton Precious Metals (NYSE:WPM) has announced its acquisition of a silver stream from Waterton Copper’s Mineral Park mine in Arizona. The deal involves an upfront cash payment of $115M, to be made in four installments during the construction phase.

Under this agreement, Wheaton will be purchasing 100% of the payable silver from the Mineral Park mine throughout its operational lifespan.

Mineral Park’s estimated production is projected to average 690K silver ounces per year in its first five years, and 740K silver ounces per year for the entire life of the mine, which is expected to span 12 years, with potential for expansion beyond 20 years. The completion of construction is anticipated by Q1 2025.

Commenting on the deal, Wheaton Precious Metals President and CEO, Randy Smallwood, said: “Our extensive knowledge of Mineral Park and its potential puts us in a strong position to support Waterton Copper in sustainably bringing the mine back into production.”

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