Silver Wheaton Interested in Stream Deal on Glencore Peru MineLiezel Hill
Silver Wheaton Corp. said it’s interested in securing a so-called streaming contract for future output of precious metals from Glencore Xstrata Plc’s Las Bambas copper mine in Peru.
The Vancouver-based company, which helps miners pay for projects in exchange for a discount on their future silver and gold output, has had discussions with other parties about a streaming deal at Las Bambas, Silver Wheaton Chief Executive Officer Randy Smallwood said today on the sidelines of the Denver Gold Forum.
“About 5 percent of the revenue from Las Bambas comes from gold and silver, from precious metals, and it’s definitely a project that’s got healthy margins,” Smallwood said. “We think that a streaming contract would add a lot of value to the sales process.”
Glencore, based in Baar, Switzerland, is selling the mine as part of an agreement to win Chinese regulatory approval for its $29 billion takeover of Xstrata Plc this year.
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