In April 2026, BHP closed its US$4.3-billion silver streaming deal with Wheaton Precious Metals International Ltd., a subsidiary of Wheaton Precious Metals Corp., the world’s largest precious metals streaming company. This is the largest streaming transaction to date based on upfront payment.
Under the agreement, BHP received US$4.3 billion and ongoing payments equal to 20% of the spot silver price, in return for delivering to Wheaton the equivalent of 33.75% of the silver produced by Antamina until 100 million ounces of silver have been delivered, after which 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.
BHP owns 33.75% of Compañía Minera Antamina S.A. (CMA), which operates Antamina. The other shareholders are Glencore (33.75%), Teck Resources (22.5%), and Mitsubishi Corporation (10%).
This transaction was notable for its record size, innovative use of streaming to unlock value from silver (an Antamina byproduct) while preserving BHP’s exposure to copper, zinc, and lead, and the seamless cross-jurisdictional coordination across Canada (Wheaton), Australia (BHP), and Peru (Antamina).
Davies Ward Phillips & Vineberg LLP represented BHP with a team led by Melanie Shishler and including Richard Fridman, Adam Birnbaum, and Adam Cockburn (Corporate/Mining); Christopher Anderson (Tax); and Scott Hyman (Financing). Slaughter and May acted as tax counsel to BHP. McCarthy Tétrault LLP acted as counsel to Wheaton with a team led by Roger Taplin, Adam Wanke, and Jenna Clark that included Christopher Langdon and Peter Quon (Business Law); and Drew Morier and James Chang (Tax).