By Salini Krishnan
April 5, 2026
VANCOUVER and MELBOURNE – Wheaton Precious Metals (WPM) and BHP have officially finalized a landmark US$4.3 billion silver streaming agreement for the Antamina Mine in Peru, marking one of the largest precious metals streaming transactions in the history of the sector. The agreement, which became effective on April 1, 2026, provides Wheaton with a significant portion of the silver production from one of the world’s most prolific base-metal mines while providing BHP with a massive cash infusion to bolster its balance sheet and fund its aggressive copper expansion strategy.
Under the terms of the definitive agreement, Wheaton’s subsidiary will purchase 33.75% of BHP’s payable silver from the Antamina operation. This volume will remain constant until 100 million ounces of silver have been delivered, at which point the stream will drop to 22.5% of payable silver for the remainder of the mine’s life. In addition to the US$4.3 billion upfront cash payment, Wheaton will make ongoing payments to BHP equal to 20% of the spot silver price for every ounce delivered.
The deal highlights a broader trend in 2026 where "Big Mining" is increasingly looking to monetize non-core by-products to finance the massive capital expenditures required for the global energy transition. For BHP, the deal represents a strategic unlock of value from a "tier-one" asset without sacrificing exposure to the copper and zinc that define Antamina’s primary economic value.
The Transaction Mechanics: Why This Deal Matters Now
The Antamina mine, located in the Andes mountain range of Peru, is a joint venture between BHP (33.75%), Glencore (33.75%), Teck Resources (22.5%), and Mitsubishi (10%). It is widely regarded as one of the lowest-cost copper-zinc mines globally. By streaming its entire share of the silver by-product, BHP is essentially "pre-selling" a secondary metal to fund primary growth.
BHP Chief Executive Officer Mike Henry stated that the agreement allows the company to retain full exposure to the base-metal production that is critical to the company’s long-term strategy. Combined with a separate transaction involving Global Infrastructure Group, BHP expects to realize over US$6 billion in total cash. This liquidity arrives at a critical moment as the copper industry faces a $2.1 trillion investment gap to meet global demand projections for 2050.
For Wheaton, the acquisition is a cornerstone addition to its portfolio. The Antamina stream provides immediate, high-margin cash flow from a proven operation with decades of mine life remaining.
Skillings Market Snapshot: Precious and Base Metals
Data as of April 5, 2026
| Commodity | Spot Price (USD) | 24h Change | 2026 Outlook |
|---|---|---|---|
| Silver | $34.12 / oz | +1.2% | Bullish (Industrial/Investment Demand) |
| Gold | $2,745 / oz | -0.2% | Neutral (Consolidating after April breakout) |
| Copper | $4.85 / lb | +0.8% | Extremely Bullish (Supply Deficits) |
| Zinc | $3,150 / tonne | +0.4% | Stable |
The "Mad Money" Breakdown: Stock Recommendations & Analysis
In a market defined by volatility and high-stakes M&A, investors are asking: who wins in the Antamina fallout? Here is the "Kramer-esque" breakdown of the key players and the broader sector.
1. Wheaton Precious Metals (NYSE: WPM) – THE BUY OF THE DECADE
Rating: STRONG BUY
Wheaton is the "Fort Knox" of streaming companies. By locking in Antamina, they have secured a multi-decade silver source at a fixed 20% of spot. If silver hits $40 or $50 this year: which many analysts predict due to the global battery revolution: WPM’s margins will be astronomical. They aren't paying for the diesel, they aren't paying for the labor strikes, and they aren't paying for the mine maintenance. They just collect the checks. This is a "set it and forget it" stock for any serious mining portfolio.
2. BHP Group (NYSE: BHP) – THE PRUDENT GIANT
Rating: ACCUMULATE
BHP is playing the long game. Some critics say they are "selling the family silver," but $4.3 billion in cash buys a lot of copper mines. BHP is positioning itself to be the ultimate winner of the decarbonization trade. They are slimming down, getting focused, and keeping their balance sheet pristine. With the Rio Tinto-Arcadium acquisition heating up the competition, BHP needed this cash to stay aggressive in the M&A space.
3. Lundin Gold (TSX: LUG) – THE DIVIDEND DARLING
Rating: BUY
While WPM and BHP grab the headlines, don't sleep on Lundin. Their recent $670 million "Dividend-in-Kind" strategy and expansion in the Vicuña District show a management team that knows how to reward shareholders. If you want exposure to South American gold and copper without the "Mega-Cap" overhead of BHP, Lundin is your best bet for 2026.
4. SSR Mining (NASDAQ: SSRM) – THE RECOVERY PLAY
Rating: SPECULATIVE BUY
Following their acquisition of the CCV Gold Mine from Newmont, SSR is back on the radar. It’s a riskier play than WPM, but at current valuations, the upside is significant if they can execute on their operational turnarounds.
Geopolitical Implications: The Peru Factor
Operating in Peru remains a double-edged sword. While Antamina is a "jewel" asset, the country has faced intermittent social unrest and regulatory shifts over the past three years. However, the structure of the streaming deal de-risks the investment for Wheaton. Because Wheaton pays a percentage of produced metal, they are protected against temporary shutdowns. If the mine doesn't produce, Wheaton doesn't pay the ongoing costs.
This transaction also signals confidence in the Peruvian mining sector's stability for 2026. With major players like Mitsubishi and Glencore remaining as partners in the JV, the institutional support for Antamina remains rock-solid. This is a significant vote of confidence following years of struggles in other frontier mining jurisdictions like Greenland.
Narrative Context: The Streaming Renaissance
The size of this deal: US$4.3 billion: suggests we are entering a "Streaming Renaissance." In the early 2010s, streaming was a lifeline for distressed juniors. In 2026, it has become a sophisticated financial tool for the world’s largest miners.
We are seeing a convergence of factors: high interest rates (making traditional debt expensive), a need for ESG-compliant capital, and a desperate search for "clean" copper assets. By stripping the silver away from the copper, BHP makes Antamina a "purer" play for ESG funds focused on base metals, while Wheaton provides the silver exposure that precious metal investors crave. It is a win-win that we expect to see replicated across the industry, particularly in the critical minerals sector.
2026 Outlook and Strategic Recommendations
For operators, the Antamina deal serves as a blueprint for asset optimization. If you have significant by-product credits (gold, silver, cobalt), the market is currently assigning a massive premium to those cash flows. Now is the time to monetize.
For investors, the message is clear: Follow the cash. The $4.3 billion flowing into BHP's coffers will likely be deployed into high-growth copper projects or returned to shareholders via dividends. Meanwhile, Wheaton’s acquisition cements its status as the premier precious metals vehicle.
Salini Krishnan’s Social Snippet:
? M&A ALERT: Wheaton Precious Metals just dropped $4.3 BILLION to lock down silver at BHP’s Antamina. This is the biggest stream of 2026. WPM is a STRONG BUY as silver supply tightens. BHP is sitting on a mountain of cash: expect a major copper move next. Who’s winning the mining trade? Read the full breakdown at Skillings.net. #Mining #Silver #BHP #WPM #Investing
Intelligence Briefing: Other Notable Stories
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- Iron Ore Whipsaw: Volatility continues to rock the steel markets as iron ore prices fluctuate on Chinese demand signals.
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