BHP Group Limited, through a wholly owned subsidiary, has completed its long-term silver streaming transaction with Wheaton Precious Metals International Ltd. (a wholly owned subsidiary of Wheaton Precious Metals Corp.) relating to BHP?s share of silver production from the Antamina Mine in Peru. Under the silver streaming agreement, BHP has received total upfront consideration of USD 4,300 million from Wheaton. In return for the upfront consideration and ongoing production transfer payments (payable at 20% of the spot silver price per ounce of silver delivered pursuant to the agreement), BHP will deliver to Wheaton the equivalent of 33.75% of the silver produced by Antamina (subject to a fixed payable rate of 90%).
After 100 million ounces of silver have been delivered to Wheaton, the stream will be reduced and BHP will deliver the equivalent of 22.5% of silver produced by Antamina over the remaining life of mine. The settlement of the stream is completed via metal credits with no physical delivery of silver to Wheaton.
BHP Group Limited is an Australia-based resources company. The Company is a producer of commodities, including iron ore, copper, nickel, potash and metallurgical (steelmaking) coal. It is focused on offering a range of resources, which provides copper for renewable energy; nickel for electric vehicles; potash for sustainable farming, and iron ore and metallurgical coal for the steel needed for global infrastructure and the energy transition. Its segments include Copper, Iron Ore, and Coal. Its Copper segment is engaged in mining of copper, silver, zinc, molybdenum, uranium, and gold. Its Iron Ore segment is engaged in mining of iron ore. Its Coal segment is engaged in mining of metallurgical coal and energy coal. The Company is also focused on operating Olympic Dam, Prominent Hill, and Carrapateena underground copper-gold mines in South Australia. Its operations are situated in Australia, Europe, China, Japan, India, South Korea, rest of Asia, North America, South America, and others.
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