Wheaton secures $4.3 billion Antamina silver stream with BHP and enters Australia through Jervois deal

Wheaton Precious Metals has completed a major silver streaming agreement with BHP tied to Peru’s Antamina mine and signed its first Australian precious metals stream with KGL Resources at the Jervois project.

Wheaton Precious Metals has expanded its long-term production pipeline across two continents after closing a $4.3 billion silver streaming agreement with BHP on the Antamina mine in Peru and signing its first Australian precious metals stream with KGL Resources at the Jervois project.

Under the Antamina transaction, Wheaton’s wholly owned subsidiary will purchase the equivalent of BHP’s 33.75% share of payable silver production from April 1, 2026, until 100 million ounces have been delivered. After that threshold, the stream falls to 22.5% for the remainder of the mine life. Ongoing payments are set at 20% of the spot silver price per ounce, and payable silver is calculated using a fixed payable factor of 90%.

BHP said it received total upfront consideration of $4.3 billion under the agreement, completing a financing move that monetizes part of Antamina’s silver by-product output while preserving exposure to the broader copper operation in Peru.

The deal marks one of the most significant streaming transactions in the precious metals sector this year and gives Wheaton added exposure to a long-life Latin American mining asset at a time when streaming companies are competing for dependable supply. That interpretation is supported by the size of the upfront payment and the life-of-mine structure disclosed by BHP and Wheaton.

Wheaton enters Australia with KGL’s Jervois project

In a separate transaction announced on April 1, Wheaton said it signed a definitive precious metals purchase agreement with KGL Resources for a gold and silver stream on the fully permitted Jervois project in Australia, marking the company’s first agreement in that country.

Wheaton will pay KGL total upfront cash consideration of $275 million. That includes two early deposit payments of $16 million each expected in the second and third quarters of 2026, with the remaining $243 million to be paid in four equal instalments during construction.

In return, Wheaton will receive 75% of payable gold and silver production until certain delivery thresholds are met, after which the stream steps down to 25% for the remaining mine life. Ongoing production payments will also be set at 20% of spot prices.

KGL described the funding as important support for maintaining the Jervois development schedule under new chief executive Sam Storhmayr, while Wheaton said the project adds another long-life asset to its portfolio as it broadens its geographic footprint.

Streaming strategy broadens geographic diversification

Taken together, the Antamina and Jervois transactions deepen Wheaton’s exposure to long-duration mining assets in both Latin America and Australia. The dual announcement also signals a broader diversification strategy as the company seeks stable future ounces from jurisdictions and projects with long mine lives and established development pathways. That conclusion is an inference based on the structure and geography of both deals.

For Wheaton, the BHP agreement materially strengthens its silver pipeline through one of Peru’s flagship mining operations, while the KGL deal opens a new chapter in Australia through a copper project with associated gold and silver production.

With metals markets increasingly focused on supply security and project execution, the two agreements position Wheaton to expand future attributable production while giving counterparties access to substantial upfront capital.