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Wheaton Precious Metals Announces Closing of the Gold and Palladium Streaming Agreement on Stillwater
Wheaton Precious Metals Announces Closing of the Gold and Palladium Streaming Agreement on...
About this update from Wheaton Precious Metals Corp
[{"type":"text","content":"\n\n\n\nWheaton Precious Metals Announces Closing of the Gold and Palladium Streaming Agreement on Stillwater\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\n\nCanada NewsWire\nVANCOUVER, July 25, 2018\n\n\n\nTSX: WPMNYSE: WPM\n\n\n\nVANCOUVER, July 25, 2018 /CNW/ - Wheaton Precious Metals™ Corp. (\"Wheaton\" or the \"Company\") is pleased to announce that the Company, through its wholly-owned subsidiary Wheaton Precious Metals International Ltd. (\"Wheaton International\") confirms that all outstanding conditions required to complete the gold and palladium stream agreement with Sibanye-Stillwater (\"Sibanye-Stillwater\") (JSE: SGL; NYSE:SBGL) (the \"Precious Metals Stream\") have been fulfilled. Under the Precious Metals Stream, Wheaton International has paid a total upfront cash payment of US$500 million to Sibanye-Stillwater in exchange for an amount of gold equal to 100% of the gold production from the Stillwater assets over the operating life of the assets and an amount of palladium equal to: 4.5% of palladium production from the Stillwater assets until 375 thousand ounces (\"Koz\") are delivered to Wheaton International; thereafter, 2.25% of palladium production until 550 Koz are delivered; and subsequently 1% of palladium production for the life of the Stillwater assets. In addition, Wheaton International will make ongoing payments equal to a maximum of 18% of the spot gold price and spot palladium price until such time as the balance of the upfront cash payment is reduced to zero. Thereafter, ongoing payments will be 22% of the spot gold price and spot palladium prices. The Precious Metals Stream is effective July 1, 2018.\n\nFull details of the transaction can be found in Wheaton's news release dated July 16, 2018.\n\nCAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS \n\nThe information contained herein contains \"forward-looking statements\" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and \"forward-looking information\" within the meaning of applicable Canadian securities legislation. Forward-looking s...