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Wheaton Precious Metals Announces Acquisition of New Silver Stream on Mineral Park Mine
VANCOUVER, BC, Oct. 24, 2023 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its wholly-owned subsidiary,
About this update from Wheaton Precious Metals Corp
[{"type":"text","content":" VANCOUVER, BC, Oct. 24, 2023 /CNW/ - Wheaton Precious Metals™ Corp. (\"Wheaton\" or the \"Company\") is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. (\"WPMI\") has entered into a definitive Precious Metals Purchase Agreement (the \"Silver Stream\") with Waterton Copper Corp., a subsidiary of Waterton Copper LP (\"Waterton Copper\") in respect to its 100% owned Mineral Park Mine located in Arizona, USA (the \"Project\" or \"Mineral Park\"). \"Wheaton is excited to bring Mineral Park back into our portfolio given our long history with the mine, particularly given the work Waterton Copper has done to optimize the operation,\" said Randy Smallwood, Wheaton's President and Chief Executive Officer. \"Our unique understanding of Mineral Park, and its potential, positions us well to assist Waterton Copper in bringing the mine back into production in a sustainable manner. As global efforts to transition to a low-carbon economy accelerate, critical metals, such as copper, that are produced responsibly within politically stable jurisdictions, have never been more important. \"Waterton Copper is delighted to have Wheaton Precious Metals' support,\" said Isser Elishis, Executive Chairman of Waterton Copper. \"Waterton is investing approximately $600 million to optimize Mineral Park including significant capital investments in new primary crushers, secondary and pebble crushing circuits, and new higher-power SAG mills, which are expected to result in decades of operational excellence.\" Transaction Details(All values in US$ unless otherwise noted) Upfront Consideration: WPMI will pay Waterton Copper total upfront cash consideration of $115 million (the \"Deposit\") in four payments during construction (three installments of $25 million and a final installment of $40 million). Streamed Metal: Under the Silver Stream, WPMI will purchase 100% of the payable silver from the Project for the life of the mine. Payable silver is calculated using a fixed payable factor of 90%. Production Profile1: Attributable production is forecast to average over 0.69 million ounces (\"Moz\") of silver per year for the first five years of production and over 0.74 Moz of silver per year for the life of mine, with construction to be completed by the end of Q1 2025. Mineral Park is forecast to hav...