On July 24, 2007, Goldcorp Inc. agreed to sell 25 per cent of the life of mine silver production from its Penasquito Project located in Zacatecas, Mexico to Silver Wheaton Corp. for an upfront cash payment of US$485 million. In addition, Silver Wheaton will pay an ongoing per-ounce price for each ounce of silver purchased equal to the lesser of US$3.90 (subject to annual inflationary adjustments) and the prevailing market price per ounce of silver at the time of sale.
Farris, Vaughan, Wills & Murphy LLP acted for Silver Wheaton with a team consisting of Cameron Belsher, Candy Saga and Catherine Anderson.
Fasken Martineau DuMoulin LLP represented the special committee of Silver Wheaton Corp. with a team led by John Turner that included Krisztian Toth.
Cassels Brock & Blackwell LLP acted for Goldcorp with a team consisting of Paul Stein (mining) and Erik Goldsilver (mining, corporate). Amilcar Peredo and John Young from Basham, Ringe y Correa, S.C., and Laura Macarty and Marcela Crespo from the legal division of PricewaterhouseCoopers, S.C. (Mexico City) acted as Mexican legal counsel to Goldcorp.