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Silver Wheaton Announces Closing of the Early Deposit Precious Metals Purchase Agreement with Panoro Minerals
Silver Wheaton Announces Closing of the Early Deposit Precious Metals Purchase Agreement w...
About this update from Wheaton Precious Metals Corp
[{"type":"text","content":"\n\n\n\nSilver Wheaton Announces Closing of the Early Deposit Precious Metals Purchase Agreement with Panoro Minerals\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSilver Wheaton Announces Closing of the Early Deposit Precious Metals Purchase Agreement with Panoro Minerals\nCanada NewsWire\nVANCOUVER, March 21, 2016\n\n\n\nTSX: SLW NYSE: SLW\n\n\n\nVANCOUVER, March 21, 2016 /CNW/ - Silver Wheaton Corp. (\"Silver Wheaton\" or the \"Company\") (TSX:SLW) (NYSE:SLW) is pleased to announce that its wholly-owned subsidiary, Silver Wheaton (Caymans) Ltd. (\"SWC\"), has entered into a definitive Early Deposit Precious Metals Purchase Agreement (the \"Cotabambas Early Deposit Agreement\") with Panoro Minerals Ltd. and its wholly owned subsidiary Panoro Trading (Cayman) Ltd. (\"Panoro\") in respect of the Cotabambas project located in Peru.\n\nSWC will be entitled to purchase 100% of the silver production and 25% of the gold production from the Cotabambas project until 90 million silver equivalent ounces attributable to SWC have been delivered, at which point the stream would drop to 66.67% of silver production and 16.67% of gold production for the life of mine. Under the Cotabambas Early Deposit Agreement, SWC will pay a total cash consideration of US$140 million plus an ongoing production payment of the lesser of: i) US$5.90 for each silver ounce and US$450 for each gold ounce (both subject to a 1% annual inflation adjustment starting in the fourth year after the completion test is satisfied) and ii) the prevailing market price. Once certain conditions have been met, SWC will advance US$14 million to Panoro, spread over up to nine years. In 2016, SWC anticipates making advanced payments of between US$2 million and US$4 million to Panoro. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the \"Feasibility Documentation\"), and receipt of permits and construction commencing, SWC may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement....