BHP Group Limited and Wheaton Precious Metals International Ltd. completed a $4.3 billion silver stream transaction at the Antamina polymetallic mine in Peru. Wheaton paid BHP an upfront sum and will receive a share of the mine’s payable silver, creating a long‑term supply agreement that converts future commodity output into a predictable cash inflow for BHP.
Under the agreement, Wheaton will receive 33.75 % of BHP’s payable silver from Antamina until 100 million ounces have been delivered. After that threshold, Wheaton’s share will adjust to 22.5 % for the life of the mine. Payable silver is calculated using a fixed payable factor of 90.0 %, and Wheaton will also make ongoing payments equal to 20 % of the spot price of silver for each ounce delivered.
The deal provides BHP with immediate cash that strengthens its capital allocation framework and supports its copper expansion strategy. For Wheaton, the transaction deepens its exposure to a high‑quality, long‑life asset, adding approximately 70,000 gold‑equivalent ounces (GEOs) to 2026 production and positioning the company to reach 800,000 GEOs annually by 2028.
Management commentary highlighted the strategic fit of the transaction. Haytham Hodaly, President of Wheaton Precious Metals, said: "Wheaton has grown into the company we are today by entering into stream agreements on world‑class operations and adding exceptional assets to our portfolio, and Antamina has long stood as one of our true cornerstones." Mike Henry, BHP CEO, noted that the agreement "enables the company to unlock additional value from Antamina while retaining full exposure to its base‑metal production." Vandita Pant, BHP CFO, added that the transaction, along with another deal, is expected to "unlock more than US$6 billion in cash, strengthening balance‑sheet flexibility and supporting long‑term shareholder value." Randy Smallwood, CEO of Wheaton Precious Metals, stated: "The momentum we built over the past year provides a solid foundation for what we expect to be a sector‑leading growth profile."
The market reacted positively to the announcement, reflecting confidence in BHP’s capital allocation strategy and Wheaton’s expansion of its silver stream portfolio. The transaction is the largest precious‑metal streaming deal to date based on upfront consideration and is expected to have a lasting impact on both companies’ financial positions and strategic trajectories.
The deal unlocks more than US$6 billion in cash for BHP, which will be directed toward copper expansion and other core growth initiatives. Antamina’s role as a major polymetallic mine—producing copper, zinc, lead, molybdenum, and silver—makes it a valuable asset for BHP’s portfolio. Wheaton’s acquisition of a significant share of Antamina’s payable silver strengthens its long‑term supply chain and positions the company to capture upside in silver prices while maintaining a diversified portfolio of high‑quality streams.
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