Wheaton Precious Metals Secures Major Streaming Agreements with BHP and KGL; Marks First Entry into Australian Market

Wheaton Precious Metals secures a $4.3-billion silver stream from BHP's Antamina mine and a $275-million gold/silver deal with KGL's Jervois project in Australia.

By: AXL Media

Published: Apr 2, 2026, 7:06 AM EDT

Source: The information in this article was sourced from Mining Weekly

Wheaton Expands Global Portfolio with Multi-Billion Dollar Streaming Strategy

In a major move to bolster its long-term asset base, London-, Toronto-, and New York-listed Wheaton Precious Metals has announced two distinct streaming transactions with prominent ASX-listed mining entities. The deals target high-output precious metal byproducts from primary base metal operations in South America and Oceania. These agreements provide Wheaton with predictable, low-cost access to silver and gold production while offering the mining partners significant upfront capital to support their respective balance sheets and development schedules.

The BHP Transaction: A $4.3-Billion Bet on Peruvian Silver

Under the agreement with a subsidiary of BHP, Wheaton Precious Metals International will receive silver produced from the Antamina mine in Peru. In exchange for an upfront cash consideration of $4.3 billion, BHP will deliver the equivalent of 33% of the mine's silver production to Wheaton. Once a milestone of 100 million ounces has been reached, the delivery rate will scale down to 22.5% for the remaining life of the mine. Notably, this deal will be settled via metal credits, meaning no physical delivery of silver is required, streamlining the logistical aspect of the transaction. Wheaton’s ongoing production payments are set at 20% of the spot silver price.

Entering Australia: The KGL Resources Jervois Project Deal

Wheaton’s agreement with KGL Resources marks a historic milestone as the company’s first streaming deal located in Australia. The Jervois project, primarily a copper-focused development, is currently fully permitted and positioned for imminent construction. KGL Chairperson Jeff Gerard noted that the deal ensures the company can maintain its aggressive development timeline under the leadership of new CEO Sam Storhmayr. The total upfront deposit of $275 million will be paid in installments, beginning with two $16-million payments in the second and third quarters of 2026, followed by four equal installments during the construction phase.