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Wheaton Precious Metals acquires streams on Ivanhoe’s Platreef, two others

Published Nov 16, 2023 11:56 Updated Nov 16, 2023 12:15
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© Reuters Wheaton Precious Metals acquires streams on Ivanhoe’s Platreef, two others
 
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Proactive Investors - Wheaton Precious Metals (TSX:WPM) Corp and its wholly owned Wheaton Precious Metals International Ltd subsidiary announced on Thursday agreements to acquire existing royalty streams on Ivanhoe Mines Ltd. (TSX:IVN)’s Platreef project in South Africa and BMC Minerals’ Kudz Ze Kayah project in Canada’s Yukon Territory.

Wheaton Precious Metals will pay $450 million in cash upon closing for the streams with an additional $5 million contingency payment to be made on the Kudz Ze Kayah stream.

As well, Wheaton said it has signed a new precious metals purchase agreement for a gold stream on Dalradian Gold's Curraghinalt project in consideration for $20 million on an early deposit basis plus an additional $55 million being paid during the Project’s construction.

"The acquisition of these diverse, high-quality streams fits seamlessly into our portfolio of high-margin, low-cost assets, with near-term production from Platreef significantly adding to our already robust growth profile," Wheaton Precious Metals CEO Randy Smallwood said in a statement.

Ivanhoe has described Platreef as the world’s largest undeveloped precious metals project that also contains significant amounts of nickel and copper.

Attributable production at Platreef is forecast to average over 13,000 ounces of gold and 8,500 ounces of each of palladium and platinum per year for the first 10 years of production, increasing to over 24,000 ounces of gold and 13,500 ounces of each palladium and platinum per year for the following 10 years of production.

Commercial production is expected in the fourth quarter of 2024.

Shares of Wheaton Precious Metals rose 3.4% to $63.08 in late-morning trading on Thursday and have gained 14% year to date.

Read more on Proactive Investors CA

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Wheaton Precious Metals acquires streams on Ivanhoe’s Platreef, two others
 

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