BHP has entered into a US$4.3B silver streaming agreement with Wheaton Precious Metals, marking the largest precious‑metals streaming transaction to date based on upfront consideration. The agreement was executed through a wholly owned BHP subsidiary and became effective on 1 April.
Under the terms of the deal, BHP will deliver silver equivalent to 33.75% of its interest in the Antamina mine in Peru, subject to a 90% payable rate, until a total of 100Moz of silver has been streamed. Thereafter, the stream will reduce to 22.5% for the remaining life of the mine. Wheaton will pay 20% of the prevailing spot silver price per ounce, with settlements conducted via metal credits rather than physical delivery.
Antamina is operated by Compañía Minera Antamina, with ownership shared between BHP (33.75%), Glencore, Teck Resources and Mitsubishi. The mine is a major producer of copper, with silver generated as a by‑product alongside zinc and lead.
BHP chief executive officer Mike Henry said the agreement enables the company to unlock additional value from Antamina while retaining full exposure to its base‑metal production. Chief financial officer Vandita Pant added that, together with a recent transaction involving Global Infrastructure Group, the company expects to unlock more than US$6B in cash, strengthening balance‑sheet flexibility and supporting long‑term shareholder value.
Wheaton Precious Metals, the world’s largest precious‑metals streaming company, said the transaction provides long‑term silver exposure from a tier‑one asset while aligning with its environmental, social and governance commitments.
