Wheaton Precious Metals Corp. has secured a 33.75‑percent share of silver production at Peru’s Antamina mine, raising its total silver stream at the site to 67.5 percent. The transaction, valued at $4.3 billion, will take effect on April 1 2026 and is financed through a combination of existing liquidity, a new $1.5 billion term loan, and a $0.9 billion draw on Wheaton’s undrawn $2 billion revolving credit facility.
Antamina is a low‑cost copper and zinc mine that produces silver as a by‑product. By monetizing the silver stream, BHP retains full exposure to copper, zinc and lead while unlocking capital. For Wheaton, the expansion strengthens a world‑class asset portfolio, enhances cash‑flow generation, and positions the company to benefit from rising silver prices. The deal is the most valuable streaming transaction on record based on upfront consideration.
The acquisition is expected to add roughly 6 million ounces of attributable silver production per year over the first five years, boosting Wheaton’s 2026 production by 11.3 percent on a pro‑form basis. The company projects a 50 percent increase to 1.2 million gold‑equivalent ounces by 2030. Financing is non‑dilutive, preserving Wheaton’s strong balance sheet and liquidity.
Haytham Hodaly, President of Wheaton, said, “Deepening our exposure to an asset of this scale, quality and longevity is a unique and transformative opportunity for Wheaton, made even more meaningful through our collaboration with BHP. Antamina is a proven, long‑life, low‑cost operation that will deliver immediate production and operating cash flow, and we are confident it will continue to create lasting value for our stakeholders well into the future.” Randy Smallwood, CEO, added, “Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver’s safe‑haven qualities in today’s economic environment. Our expanded stream on Antamina reinforces Wheaton’s role as one of the largest silver producers in the world and further adds to one of the strongest growth profiles in the mining sector. The largest mining company in the world has chosen streaming as a means to unlock value from silver, underscoring how compelling the streaming model has become.”
BHP’s perspective on the transaction was highlighted by CEO Mike Henry, who noted the company’s focus on operational excellence and growth in copper and potash, and by CFO Vandita Pant, who described the deal as an example of active capital management.
The market reaction to the announcement was positive for both companies. BHP’s strong half‑year earnings and strategic capital reallocation, combined with the silver streaming deal, reinforced investor confidence. Wheaton’s market reaction was also favorable, driven by the silver price surge and the company’s production beat.
Antamina’s ownership structure is 33.75 percent each for BHP and Glencore, 22.5 percent for Teck Resources, and 10 percent for Mitsubishi Corporation. In 2025, BHP’s share of silver production at Antamina was 5.4 million ounces. Wheaton’s balance sheet as of March 31 2025 included $1.1 billion in cash and an undrawn $2 billion revolving credit facility. BHP’s copper operations now account for 51 percent of its underlying EBITDA, reflecting a shift from iron ore to copper as the company’s primary earnings driver.
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