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Wheaton Precious Metals Announces Acquisition of Precious Metals Stream from Adventus Mining's Curipamba Project
VANCOUVER, BC, Jan. 17, 2022 /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, Jan. 17, 2022 /CNW/ - Wheaton Precious Metals™ Corp. (\"Wheaton\" or the \"Company\") is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. (\"Wheaton International\") has entered into a definitive Precious Metal Purchase Agreement (the \"PMPA\") with Alliance Metals International, a subsidiary of Adventus Mining Corporation (collectively \"Adventus\") (TSX: ADZN) in respect to the Curipamba Project (\"Curipamba\" or the \"Project\") located in Ecuador. Curipamba is forecast to be a high-margin mine in the lowest half of the copper cost curve with a 10-year open-pit mine life and the potential to transition into an underground mine subsequent to the open pit1. \"Wheaton has had a successful long-term partnership with Adventus and welcomes the opportunity to support the development of a project the caliber of Curipamba. Forecasted to be a high quality, low-cost mine with significant exploration potential, Curipamba's profile aligns well with Wheaton's accretive growth strategy\" said Randy Smallwood, Wheaton's President and Chief Executive Officer. \"Adventus has a strong entrepreneurial reputation and shares Wheaton's vision that responsible mining should benefit all stakeholders, including support for the communities around the mines. We look forward to our continued partnership with Adventus and shared success in Curipamba.\" TRANSACTION DETAILS(All values in US$ unless otherwise noted) Upfront Consideration: Wheaton International will pay Adventus total upfront cash consideration of $175.5 million (the \"Deposit\"), $13 million of which is available pre-construction (the \"Early Deposit\") and $500,000 of which will be paid to support certain local community development initiatives around Curipamba. The remainder will be payable in four staged installments during construction, subject to various customary conditions being satisfied. Streamed Metal: Under the PMPA, Wheaton International will purchase: (i) 50% of the payable gold production referenced from Curipamba, dropping to 33% for the life of mine once 150,000 ounces of refined gold have been delivered; and (ii) 75% of the payable silver production referenced from Curipamba, dropping to 50% for the life of mine once 4.6 million ounces of refined silver have been delivered. Production Profile1: Attributable...