BHP has entered into a significant streaming agreement with Wheaton Precious Metals International Ltd., a subsidiary of Wheaton Precious Metals Corp., concerning its share of silver production from the Antamina mine in Peru. The deal, valued at an upfront payment of US$4.3 billion, marks a substantial milestone in the realm of precious metals streaming transactions.
Under the terms of the agreement, BHP will deliver silver to Wheaton, calculated based on its share of silver produced at the Antamina mine. This arrangement is noteworthy, as it represents the most lucrative streaming transaction to date in terms of upfront consideration received. BHP holds a 33.75% stake in the Antamina mine through its investment in Compañía Minera Antamina S.A. (CMA), which operates independently. Importantly, CMA is not involved in this agreement, and BHP’s rights as a shareholder, along with its obligations under the joint venture, remain unchanged.
The agreement aligns with BHP’s strategy to enhance shareholder value by unlocking capital from a non-core commodity. This capital can then be directed toward high-return growth projects and shareholder returns, fitting seamlessly within BHP’s capital allocation framework. The transaction is structured to have no adverse impact on BHP’s existing customer agreements, nor is it expected to increase the company’s reported debt levels.
BHP Chief Executive Officer Mike Henry expressed enthusiasm about the partnership, stating, “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’s Chief Financial Officer Vandita Pant emphasized the strategic nature of the transaction, highlighting how it exemplifies the company’s ongoing efforts to actively manage capital. “Today’s announcement is a further example of our active capital management in action, and focus on strategically unlocking value from our portfolio,” Pant stated. She noted that the upfront consideration aligns favorably with consensus estimates for BHP’s entire share of Antamina.
Transaction Details and Future Prospects
The key terms of the streaming agreement stipulate that completion is expected on or around April 1, 2026. At this point, BHP will begin delivering silver to Wheaton based on the production from Antamina. Notably, the agreement involves metals credits rather than physical delivery of silver, allowing for greater flexibility in operations.
The transaction is not contingent upon regulatory approvals but is subject to the completion of standard corporate matters and customary conditions to closing. This agreement follows BHP’s recent transaction with Global Infrastructure Group, which, when combined with the current deal, is expected to unlock over $6 billion in cash to bolster BHP’s balance sheet and support long-term value creation for shareholders.
About Wheaton and Antamina
Wheaton Precious Metals is recognized as the world’s largest precious metals streaming company, focusing on gold and silver streaming agreements across a diverse portfolio of mining operations. The company is committed to strong environmental, social, and governance (ESG) practices, ensuring sustainable value for all stakeholders involved.
The Antamina mine, located approximately 270 kilometers north of Lima, Peru, is one of the largest copper and zinc mines globally. In the calendar year 2025, Antamina produced 124,200 tonnes of copper, 129,400 tonnes of zinc, and 5.4 million ounces of silver based on BHP’s share. The mine’s shareholders include BHP, Glencore plc, Teck Resources Limited, and Mitsubishi Corporation.
This streaming agreement not only highlights BHP’s capability to derive value from its assets but also reflects a growing trend in the mining industry towards innovative financing solutions that benefit both operators and investors.
