Capstone Closes $150 Million Silver Stream Agreement with Wheaton Precious Metals
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Capstone Mining has closed the precious metals purchase agreement with Wheaton Precious Metals Corp. All conditions to complete the stream agreement have been fulfilled and Capstone has received $150 million from Wheaton for 50 percent of the silver production until 10 million ounces have been delivered, thereafter dropping to 33 percent of silver production, for the life of mine from the company’s Cozamin Mine in Zacatecas, Mexico.
“With a current net cash position, this transaction gives Capstone one of the strongest balance sheets amongst its peers,” said Darren Pylot, president and CEO of Capstone.
“Additionally, we are expecting around one billion dollars of after-tax operating cash flow over the next three years in the current $4.00 copper price environment. We look forward to strengthening our partnership with Wheaton as we continue advanced discussions for a potential gold stream on Santo Domingo,” added Pylot.
About Capstone Mining Corp.
Capstone Mining Corp. is a Canadian base metals mining company, focused on copper. Its two producing mines are the Pinto Valley copper mine located in Arizona and the Cozamin polymetallic mine in Zacatecas State, Mexico. In addition, Capstone has the large scale 70 percent owned copper-iron Santo Domingo development project in Region III, Chile, in partnership with Korea Resources Corporation, as well as a portfolio of exploration properties. Capstone’s strategy is to focus on the optimization of operations and assets in politically stable, mining-friendly regions, centered in the Americas. Capstone is committed to the responsible development of its assets and the environments in which they operate. Their headquarters are in Vancouver, Canada.
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