Mining giant BHP has completed one of the largest precious metals streaming transactions in history. On 2 April 2026, the company confirmed it had finalised a long-term silver streaming agreement with Wheaton Precious Metals, banking a US$4.3 billion upfront payment in the process.
The deal, first flagged in February, is now active. It covers BHP’s share of silver production from the Antamina copper-zinc mine in Peru, one of the biggest such operations in the world.
BHP Converts Silver Into Billions Without Selling the Mine
The BHP silver streaming agreement works like this: BHP receives the US$4.3 billion upfront. In return, it commits to delivering silver to Wheaton Precious Metals over the long term.
Under the agreement, BHP will deliver to Wheaton the equivalent of 33.75% of the silver produced by Antamina, subject to a fixed payable rate of 90%. After 100 million ounces of silver have been delivered, the stream reduces, and BHP will deliver the equivalent of 22.5% of the silver produced for the remaining life of the mine.
Wheaton will pay ongoing production transfer payments at 20% of the spot silver price per ounce of silver delivered. The settlement is completed via metal credits, with no physical delivery of silver required.
This structure lets BHP turn a byproduct metal into immediate capital while keeping its core copper and zinc exposure at Antamina intact.
What Is the Antamina Mine?
The Antamina mine sits about 270 kilometres north of Lima and is one of the world’s largest copper and zinc operations.
The Antamina copper-zinc mine is jointly owned by BHP, Glencore, Teck Resources, and Mitsubishi. BHP and Glencore each hold a 33.75% interest, Teck holds 22.5%, and Mitsubishi holds 10%.
The Antamina copper-zinc mine in Peru, co-owned by BHP, Glencore, Teck Resources, and Mitsubishi. [BHP]
In the 2025 calendar year, on a BHP share basis, the operation produced 124,200 tonnes of copper, 129,400 tonnes of zinc, and 5.4 million ounces of silver.
Silver is a byproduct at Antamina. Most of the mine’s value sits in copper and zinc. By streaming the silver, BHP frees up capital without giving away any of that core output.
Why BHP Did This Deal
This is not a distressed sale. The transaction allows BHP to monetise silver while retaining full exposure to copper, zinc, and lead production from its share of the large-scale, long-life asset.
BHP improved its capital flexibility through this US$4.3 billion silver-streaming agreement. The structure unlocked value without adding debt. Management indicated that proceeds would support copper expansion plans, including advancements at Escondida and projects within Copper South Australia, as well as the Vicuna joint venture.
That strategic direction is consistent with BHP’s broader shift toward copper as a core growth pillar. For more on that transition, see Colitco’s coverage of BHP’s share price outlook amid its copper growth push and BHP shares hitting a record high on FY26 earnings.
What Wheaton Precious Metals Gets
For Wheaton, this is a major portfolio expansion.
Upon closing, Wheaton receives a combined 67.5% of all the silver produced from Antamina, up from the 33.75% previously delivered under the existing Glencore silver stream.
The silver stream is expected to increase Wheaton’s 2026 production by 11.3% on a pro forma basis. At US$4.3 billion, the investment represents only 6.5% of the company’s total market capitalisation, underscoring strong accretion and strategic fit within its overall portfolio.
The incremental exposure to Antamina will increase Wheaton’s total estimated proven and probable silver reserves by 66 million ounces, measured and indicated silver resources by 38 million ounces, and inferred silver resources by 110 million ounces.
With Wheaton’s exposure to Antamina doubling, the mine is expected to contribute roughly 18% of total gold equivalent production by 2030, solidifying its position as Wheaton’s second-largest asset.
What This Means for the Silver Streaming Market
Silver streaming is not new. Wheaton practically built the category. But deals at this scale are rare.
Wheaton is recognised as pioneering the precious metals streaming model, an alternative financing structure in which a miner receives upfront capital in exchange for delivering a fixed portion of future production, often a byproduct metal, at a discounted price.
A simple flowchart showing the silver streaming model
A US$4.3 billion transaction sets a new reference point for the industry. It signals that major diversified miners are increasingly willing to part with byproduct metals to accelerate core strategy, particularly as copper demand builds across the energy transition.
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Frequently Asked Questions
Q: What is the BHP silver streaming agreement with Wheaton Precious Metals?
A: BHP completed a long-term silver streaming deal with Wheaton Precious Metals on 2 April 2026. BHP received US$4.3 billion upfront and will deliver silver from its share of production at the Antamina mine in Peru in return.
Q: How does the silver streaming deal work?
A: BHP delivers silver credits equivalent to 33.75% of Antamina’s output to Wheaton until 100 million ounces are reached. After that, the delivery rate drops to 22.5% for the life of the mine. Wheaton pays 20% of the spot silver price per ounce on an ongoing basis.
Q: Why did BHP enter a silver streaming agreement?
A: Silver is a byproduct at Antamina. By streaming it, BHP converts future byproduct output into US$4.3 billion in immediate capital without losing any copper or zinc exposure. The proceeds are expected to support copper expansion projects.
Q: What does Wheaton Precious Metals gain from the deal?
A: Wheaton now controls 67.5% of all silver from Antamina, combining this new stream with its existing agreement tied to Glencore’s interest. The deal adds significant silver reserves and is expected to lift Wheaton’s 2026 production by 11.3% on a pro-forma basis.
Q: Does the deal affect Antamina’s other shareholders?
A: No. The Compañía Minera Antamina joint venture is not a party to the streaming agreement. BHP’s rights as a shareholder and obligations within the joint venture remain unchanged.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research and seek independent financial advice before making investment decisions.
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Last modified: April 2, 2026
