BHP, Wheaton Sign Record $4.3 Billion Silver Streamline Deal

2026년 2월 20일 · Unknown · financial · 출처 Yahoo Finance

Diversified miner BHP Group Ltd.(NYSE:BHP) has signed a $4.3-billion silver streaming agreement with Wheaton Precious Metals Corp.(NYSE:WPM) covering its share of output from the Antamina mine in Peru.

Based on the upfront consideration, this is the most valuable precious-metals streaming transaction to date.

“We are pleased to partner with Wheaton – a global leader in precious metals streaming. BHP’s investment in Antamina has delivered value to investors through strong copper production performance, and this agreement further unlocks additional value from the asset in an innovative and disciplined way,” BHP CEO Mike Henry said in the statement.

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Monetizing Byproduct

A streaming agreement is a long-term contract in which a mining company receives an upfront payment in exchange for the streamer’s right to buy a portion of future production at a fixed or discounted price.

In this case, Wheaton will pay BHP the upfront $4.3-billion consideration and ongoing payments equal to 20% of the spot silver price for each ounce delivered. The stream initially covers the equivalent of 33.75% of Antamina’s silver output attributable to BHP, declining to 22.5% after 100 million ounces have been delivered.

The transaction allows BHP to monetize silver byproduct at Antamina, while retaining full exposure to its core copper, zinc, and lead production. The structure does not affect BHP’s existing customer contracts or its rights in the joint venture.

Antamina, located about 270 km north of Lima in Peru’s Ancash region, is one of the world’s largest copper-zinc operations. Besides BHP and Glencore Plc(OTC:GLNCY) (each holding 33.75%), notable shareholders include Teck Resources Ltd.(NYSE:TECK) and Mitsubishi Corporation(OTC:MTSUY). On a BHP-share basis, the mine produced 124,200 tons of copper, 129,400 tons of zinc, and 5.4 million ounces of silver in 2025.

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Doubling Exposure To Strategic Metal

For Wheaton, the transaction represents a significant upgrade to its existing streaming arrangement tied to Glencore’s interest in the mine. The new deal will double Wheaton’s exposure to Antamina’s silver production, lifting its attributable share from 33.75% to 67.5%. CEO Randy Smallwood said the move reflects tightening supply conditions. He noted that quality silver production is becoming harder to source while demand continues to grow for both industrial applications and safe-haven investment, reinforcing the strategic value of the agreement.

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Silver has gained renewed importance in recent years, driven by strong demand from solar panels, electronics, and electrification technologies, while mine supply has struggled to keep pace. The market has recorded multiple years of production deficits, driving unprecedented volatility over the past 12 months.

The transaction has an effective date of April 1, 2026, pending regulatory approvals.