Update: Salobo stream acquisition
Silver Wheaton (SLW) has announced that it has acquired an additional 25% gold stream from Vale’s Salobo mine in Brazil for US$900m plus US$400/oz (plus 1% annual inflation from 2017) to take its total gold streaming interest in the mine to 50% for the remainder of its estimated 40-year life. The acquisition adds an estimated 70,000oz pa to SLW’s production profile for 10 years, followed by an estimated 60,000oz pa for the following 30 years. Consideration for the transaction has been funded by a US$800m equity issue via a bought deal at a price of US$20.55/share. Note that additional funding for SLW exists in the form of its revolving credit facility, which was expanded from US$1bn to US$2bn in February.
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