BHP completes $4.3 billion silver stream with Wheaton tied to Antamina mine in Peru

BHP has finalized its long-term silver streaming agreement with Wheaton Precious Metals, securing $4.3 billion upfront in exchange for a share of silver production from the Antamina mine in Peru.

BHP Group has completed its long-term silver streaming transaction with Wheaton Precious Metals, locking in $4.3 billion in upfront consideration tied to future silver production from the Antamina mine in Peru. The deal was finalized through wholly owned subsidiaries of both companies and marks one of the most significant precious metals streaming transactions announced this year.

Under the agreement, BHP will receive ongoing production transfer payments equal to 20% of the spot silver price per ounce delivered, in exchange for transferring the equivalent of 33.75% of the silver produced at Antamina, subject to a fixed payable rate of 90%. After Wheaton has received 100 million ounces of silver, the stream will step down to 22.5% of silver production for the remainder of the mine’s life.

Antamina silver stream gives BHP upfront cash while preserving base metals exposure

BHP said the transaction allows it to unlock value from silver as a by-product while retaining full exposure to copper, zinc and lead production from its share of the large, long-life Antamina operation. The company first announced the agreement in February and confirmed completion in early April.

The settlement of the stream has now been completed through metal credits, meaning there is no physical delivery of silver to Wheaton as part of the closing process.

Wheaton strengthens long-term silver exposure with Antamina deal

For Wheaton Precious Metals, the agreement adds major long-term silver exposure from one of Peru’s best-known mining operations. Wheaton said the BHP Antamina stream became effective on April 1, 2026, and had previously indicated that attributable production from Antamina would rise significantly this year as a result of the additional streamed ounces.

The transaction also reinforces Wheaton’s strategy of expanding through streaming agreements across a diversified global mining portfolio, with a core focus on gold and silver.

Leadership transition at Wheaton coincides with closing of BHP transaction

The completion of the Antamina silver stream comes just as Haytham Hodaly has taken over as President and CEO of Wheaton Precious Metals. According to Wheaton’s leadership disclosures, Hodaly became CEO and a director on March 31, 2026, after having been appointed president in mid-2025. Randy Smallwood, who helped found the company and served as CEO for 15 years, moved into the role of non-executive chairman.

That timing gives the leadership transition added significance, with Wheaton entering a new phase of growth supported by one of the largest recent additions to its silver streaming portfolio.

BHP and Wheaton deepen exposure to a key Peruvian mining asset

Antamina remains one of Peru’s flagship polymetallic mines and a strategically important asset for both companies in different ways. For BHP, the stream provides immediate liquidity without reducing its core base-metals leverage. For Wheaton, it secures long-dated silver exposure from a major producing mine under a structure already familiar to the precious metals streaming market.