Silver Wheaton to pay 625 Million US dollars for Barrick silver stream

摘要

Having worked out another major silver-stream contract, this time with Barrick Gold (ABX-T, ABX-N), Silver Wheaton (SLW-T, SLW-N) will beef up its attributable silver reserves by 43 percent. There are essentially two components to the streaming agreement that sees Silver Wheaton making 625 million US dollars in upfront payments to Barrick. The first part, only a taste of what is to come, gives Silver Wheaton an immediate 100 percent silver stream from three of Barrick's operating mines, Lagunas Norte, Pierina and Ve-ladero, until the beginning of 2014. Silver production from the three mines runs around 2.4 million oz. a year.