BHP Group and Wheaton Precious Metals have finalized a $4.3 billion silver streaming agreement representing one of the largest transactions of its kind. Under the arrangement, Wheaton will provide BHP with an upfront payment of $4.3 billion in exchange for rights to BHP's share of silver production from the Antamina mine in Peru, with ongoing payments calculated at 20% of spot silver prices per ounce.
The transaction enables BHP to monetize its silver byproduct while maintaining full exposure to the mine's copper, zinc, and lead production—the primary commodities driving Antamina's operations. For Wheaton, the agreement effectively doubles its exposure to silver output from the Peruvian asset, positioning the company to capitalize on structural demand trends supporting precious metals markets.
Streaming agreements have emerged as a preferred financing mechanism in the mining sector, allowing producers to unlock capital from secondary metals without divesting assets or altering operational control. The deal underscores continued investor interest in silver as both an industrial input and portfolio hedge amid evolving macroeconomic conditions.