Silver Wheaton Acquires Silver Stream from Glencore’s Antamina Mine for US$900 Million

On November 3, 2015, Silver Wheaton Corp. announced that its wholly owned subsidiary, Silver Wheaton (Caymans) Ltd. had agreed to acquire from Anani Investments Ltd., a wholly owned subsidiary of Glencore plc, an amount of silver calculated by reference to silver produced at the Antamina mine located in Peru.

Silver Wheaton will pay Glencore cash consideration of US$900 million for the silver stream and will make ongoing payments of 20 per cent of spot price per silver ounce delivered; in addition, Silver Wheaton will receive from Glencore an amount equal to 33.75 per cent of the Antamina silver production until the delivery of 140 million ounces of silver and 22.5 per cent of silver production thereafter for life of mine at a fixed 100 per cent payable rate.

Silver Wheaton was represented in-house by Curt Bernardi (Senior Vice-President, Legal and Corporate Secretary) and Tamara Howarth (Senior Legal Counsel) and by Cassels Brock & Blackwell LLP with a team comprising Mark Bennett, Alex Iliopoulos, Joan Beck, Joel McElravy, Zohar Barzilai, Afzal Hasan and David Budd (securities and mining).

Glencore was represented in-house by Matthew Weber and by McCarthy Tétrault LLP with a team comprising Roger Taplin, Adam Taylor and Adam Wanke.