Wheaton lands $4.3B BHP silver stream, enters Australia

Wheaton Precious Metals (TSX: WPM) has secured a $4.3-billion silver streaming in Latin America deal with BHP (ASX: BHP) and struck its first Australian agreement with KGL Resources (ASX: KGL), expanding its long-term production pipeline across two continents.

Under the BHP deal, Wheaton will receive 33% of the silver produced at the Antamina mine in Peru in exchange for the upfront payment and ongoing transfer payments equal to 20% of the spot silver price per ounce. After 100 million ounces are delivered, the stream drops to 22.5% for the remainder of the mine life, with settlement handled through metal credits rather than physical delivery.

“Wheaton’s early deposit payments will ensure the company can maintain its development schedule,” KGL chair Jeff Gerard said in a separate statement. He pointed to the funding support as the company advances the fully permitted Jervois copper project in Australia under new CEO Sam Storhmayr.

Wheaton will pay KGL $275 million in total, including early instalments in 2026 and the balance during construction, in return for staged gold and silver streams that begin at 75% of payable production before declining to 25% over the life of mine, with ongoing payments set at 20% of spot prices.

The transactions deepen Wheaton’s exposure to long-life assets while marking its entry into Australia, a move that signals broader geographic diversification as streaming companies compete for stable supply in a tightening metals market.