(Alliance News) - BHP Group Ltd on Wednesday said it has completed its long-term silver streaming transaction with Wheaton Precious Metals International Ltd, a subsidiary of Vancouver, Canada-based Wheaton Precious Metals Corp.
The Melbourne, Australia-based diversified miner said the update follows an announcement made in February relating to its share of silver production at the Antamina mine in Peru.
Under the silver agreement, BHP has received the USD4.3 billion upfront consideration from Wheaton and going forward BHP will be paid additional ongoing production transfer payments.
In return, BHP will supply Wheaton with approximately 33.75% of silver produced at Antamina and once 100 million ounces has been delivered, the stream will be reduced to 22.5%.
"The settlement of the stream is completed via metal credits with no physical delivery of silver to Wheaton," BHP said.
BHP shares closed up 4.3% at AUD52.56 in Sydney on Wednesday.
By Elijah Dale, Alliance News senior reporter Asia-Pacific
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