BHP (LSE:BHP) has struck a long-term silver streaming deal with Wheaton Precious Metals tied to its 33.75% stake in the Antamina copper and zinc operation in Peru. The transaction, supported by firm silver market dynamics, is described as the largest streaming agreement ever completed based on upfront payment.
Under the terms, BHP will receive an immediate cash payment of US$4.3 billion, alongside additional proceeds equivalent to 20% of prevailing spot silver prices upon delivery. In exchange, Wheaton will receive silver credits initially equal to 33.75% of Antamina’s output attributable to BHP. That share will reduce to 22.5% after a cumulative 100 million ounces of silver have been delivered over the life of the mine.
BHP clarified that the agreement does not alter its shareholder rights or operational responsibilities at Antamina, nor does it affect existing commercial contracts. The miner will continue to maintain full exposure to copper, zinc and lead production, effectively monetising silver — which it considers a secondary by-product — without impacting its core commodity mix.
Management positioned the transaction as part of a broader capital allocation strategy aimed at recycling value from non-core streams into higher-return growth initiatives and shareholder distributions. Combined with a recently announced infrastructure-related transaction, the company expects to generate more than US$6 billion in additional liquidity, reinforcing balance sheet flexibility and supporting long-term returns.
The streaming arrangement is set to take effect from 1 April 2026, with closing anticipated around that date, subject to standard corporate conditions. No regulatory approvals are required. BHP added that the structure is not expected to increase reported debt, allowing it to enhance liquidity while preserving balance sheet strength.
More about BHP Group Limited
BHP Group Limited is a globally diversified mining and resources company headquartered in Australia. Its portfolio includes iron ore, copper, metallurgical and energy coal, and other base metals. The company focuses on large, long-life assets that underpin industrial development and support growing demand linked to global infrastructure and the energy transition.
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