VANCOUVER, British Columbia : Wheaton Precious Metals Corp. agreed Monday to acquire BHP Group Ltd.’s silver stream at Peru’s Antamina mine for $4.3 billion in cash, the company’s largest transaction to date and one that immediately doubles its exposure to one of the world’s lowest-cost copper operations.
The deal, effective April 1, 2026, gives Wheaton the right to purchase 33.75% of Antamina’s payable silver production at 20% of the spot price. Combined with Wheaton’s existing stream at the mine, the company will control 67.5% of Antamina’s silver output over the life of the operation.
“Antamina is a world-class, long-life, low-cost asset that fits squarely within our mandate to acquire the highest-quality streams in the business,” Wheaton President and CEO Haytham Hodaly said in a statement. “This transaction immediately enhances our silver production profile and provides decades of stable cash flow from a tier-one jurisdiction.”
Deal Structure and Terms
Under the agreement, Wheaton will purchase 33.75% of payable silver from Antamina until 100 million ounces are delivered. After that threshold, the percentage drops to 22.5% for the remainder of the mine’s life. Payable silver is calculated using a fixed payable factor of 90%.
The ongoing payment of 20% of spot price per ounce applies throughout the stream’s duration. The upfront payment of $4.3 billion represents 6.5% of Wheaton’s total market capitalization as of Monday’s close.
The transaction increases Wheaton’s proven and probable silver reserves by 66 million ounces, measured and indicated resources by 38 million ounces, and inferred resources by 110 million ounces, according to company disclosures.
Total attributable silver production from both Wheaton streams at Antamina is expected to average 12.0 million ounces annually over the first five years and 10.8 million ounces per year over the first decade. The newly acquired stream alone adds approximately 6.0 million ounces per year for the first five years and 5.4 million ounces annually over the first 10 years.
Production and Financial Impact
The acquisition increases Wheaton’s 2026 production by 11.3% on a pro-forma basis, representing the company’s most accretive deal in years relative to its market value.
Antamina, located in Peru’s Ancash region approximately 285 kilometers north of Lima, has operated since 2001 as one of the world’s largest copper-zinc skarn deposits. The mine produced 441,000 metric tons of copper and 120,000 metric tons of zinc in 2025, alongside substantial silver and molybdenum byproduct credits.
| Production Metric | Year 1-5 Average | Year 1-10 Average |
|---|---|---|
| New Stream Silver (Moz) | 6.0 | 5.4 |
| Combined Streams Silver (Moz) | 12.0 | 10.8 |
| Increase to 2026 Production | 11.3% | : |
The mine’s copper-equivalent all-in sustaining costs rank among the lowest globally, driven by economies of scale, infrastructure access, and high byproduct credits. Antamina shipped 13.5 million metric tons of concentrate in 2025 via a 302-kilometer pipeline to the port of Huarmey on Peru’s Pacific coast.
Ownership and Operations
Antamina is jointly owned by subsidiaries of Glencore PLC (33.75%), BHP Group Ltd. (33.75%), Teck Resources Ltd. (22.5%), and Mitsubishi Corporation (10%). Compañía Minera Antamina S.A. operates the mine under contract to the ownership consortium.
BHP’s decision to divest its silver stream follows the company’s broader portfolio rationalization efforts. The sale allows BHP to retain its equity stake in Antamina while monetizing non-core byproduct exposure. BHP will continue to receive its pro-rata share of copper, zinc, and molybdenum revenues.
For Wheaton, the acquisition consolidates the majority of Antamina’s silver production under a single streaming structure, creating operational simplicity and enhanced margin visibility.
Strategic Context
The transaction marks Wheaton’s second major silver stream acquisition in 18 months, following its 2024 deal for Salobo’s silver at $1.9 billion. Silver streams have become increasingly competitive as precious metals streaming companies vie for high-quality, long-duration assets with favorable jurisdictional risk profiles.
Peru remains Latin America’s second-largest silver producer after Mexico, with 2025 output of approximately 3,100 metric tons. Antamina contributes roughly 4% of Peru’s total silver production, though silver represents a relatively small portion of the mine’s total revenue compared to copper and zinc.
Wheaton’s existing stream at Antamina, acquired in 2010 for $487 million, has delivered approximately 140 million ounces of silver to date. The current acquisition effectively resets that relationship with enhanced economics and extended duration.
Financing and Approval
Wheaton plans to fund the $4.3 billion purchase through a combination of cash on hand and its existing revolving credit facility. The company held $1.2 billion in cash and cash equivalents as of Dec. 31, 2025, and maintains access to a $2.5 billion unsecured credit facility with a syndicate of international banks.
The transaction requires approval from Peruvian mining regulators under the country’s foreign investment framework, a process expected to conclude by March 31, 2026. Standard competition and antitrust reviews in Canada and the United States are also pending.
Wheaton does not anticipate material closing conditions beyond regulatory approvals. BHP retains the right to receive its pro-rata silver proceeds until the effective date of April 1, 2026.
Market Implications
The deal highlights continued consolidation in the precious metals streaming sector, where a handful of large-cap companies: Wheaton, Franco-Nevada Corp., Royal Gold Inc., and Osisko Gold Royalties Ltd.: compete for high-quality assets. Streaming companies provide upfront capital to miners in exchange for the right to purchase future production at discounted rates, offering exposure to commodity prices without operational risk.
Silver prices averaged $31.47 per ounce in 2025, up 16% from 2024, driven by industrial demand from solar panel manufacturing, electronics, and electric vehicle components. At current spot prices near $32 per ounce, Wheaton will pay approximately $6.40 per ounce for delivered silver under the 20% formula.
Antamina’s mine life extends beyond 2040 under current reserve estimates, with exploration upside in adjacent mineral zones. The operation benefits from established infrastructure, a skilled workforce of approximately 3,800 employees and contractors, and stable permitting relationships with national and regional authorities.
About Wheaton Precious Metals
Wheaton Precious Metals Corp. is the world’s largest precious metals streaming company by market capitalization, with a portfolio of 23 operating mines and nine development projects across eight countries. The company reported 2025 attributable production of 27.2 million silver ounces and 372,000 gold ounces.
Wheaton shares rose 2.8% to close at C$74.15 on the Toronto Stock Exchange Monday following the announcement. BHP shares traded flat in Sydney.
For additional context on streaming economics and precious metals market dynamics, see copper forecast analysis and mining M&A trends.
