Wheaton Precious Metals - Bagging elephants in British Columbia
On 13 December, Wheaton Precious Metals (WPM) announced that it has entered into a definitive agreement to acquire a gold and a silver stream relating to the Blackwater gold project in British Columbia for US$441m. For its consideration, Wheaton will be entitled to receive 8% of the payable gold produced at Blackwater (dropping to 4% once 279,908oz have been delivered) and 50% of the payable silver produced (dropping to 33% once 17.8Moz have been delivered). For these streams, it will make ongoing cash payments equal to 35% of the spot gold price and 18% of the spot silver price (rising to 22% once the upfront cash consideration of the silver stream has been recouped). This note analyses the Blackwater stream.Wheaton Precious Metals is engaged in the silver mining business.
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