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Wheaton Precious Metals Announces the Acquisition of a Gold Stream from Montage Gold's Koné Gold Project
VANCOUVER, BC, Oct. 23, 2024 /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. 23, 2024 /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 \"Gold Stream\") with Montage Gold Corp. (\"Montage\") in respect to its Koné Gold Project located in Côte d'Ivoire (the \"Project\" or \"Koné\"). \"With essential permits in place coupled with its impressive scale, we believe the Koné Project stands out as one of the premier gold assets in Africa, and we are excited to partner with Montage to deliver a full financing package for its development,\" said Randy Smallwood, President and CEO of Wheaton Precious Metals. \"Supported by strong shareholder backing from the Lundin Group and Zijin Mining, the Koné Project is expected to significantly boost Wheaton's near-term annual gold production and further strengthen our peer-leading growth trajectory. We look forward to collaborating with Montage's outstanding team, whose extensive experience in West Africa has driven remarkable progress in de-risking the project and advancing it towards construction.\" \"We are pleased to partner with Wheaton to deliver our strategy of creating a premier African gold producer, commencing with the construction of our Koné project in Côte d'Ivoire which is set to become West-Africa's next sizable, long-life, low production cost gold mine,\" said Martino De Ciccio, CEO of Montage. \"Moreover, both companies share a commitment to delivering strong social and economic benefits to host countries, which underpins our goal of becoming the partner of choice for our local stakeholders. With strong shareholder backing, along with our partnership with Wheaton, we look forward to continuing to grow our presence in West Africa.\" Transaction Key Terms (All values in US$ unless otherwise noted) Gold Stream Upfront Consideration: WPMI will pay Montage total upfront cash consideration of US$625 million (the \"Deposit\") in four equal installment payments during construction, subject to certain customary conditions. Streamed Metal: WPMI will purchase 19.5% of the payable gold until a total of 400 thousand ounces (\"Koz\") of gold has been delivered, subject to adjustment if there are delays in deliveries relative t...