Silver Wheaton Enters $140 Streaming Agreement with Panoro Minerals’s Cotabambas Project, Peru
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Silver Wheaton Corp.‘s wholly-owned subsidiary, Silver Wheaton (Caymans) Ltd., has signed a nonbinding term sheet with Panoro Minerals Ltd. and its wholly owned subsidiary Cordillera Copper Ltd. to enter into an early deposit precious metals purchase agreement for the Cotabambas project located in Peru.
“The proposed early deposit agreement will provide Panoro with multi-year support and liquidity, which is particularly needed in this challenging commodity price environment. At the same time, Silver Wheaton continues to position itself for the next cycle in base metals. For relatively little upfront capital, the early deposit agreement model allows us to get our foot in the door on high-quality, earlier stage projects like Cotabambas,” said Randy Smallwood, Silver Wheaton’s president and CEO.
“This is a project that we believe will grow significantly with continued exploration of the currently defined targets, and one that will be a part of the next wave of copper assets to be developed,” added Smallwood.
About Silver Wheaton
Silver Wheaton is the largest pure precious metals streaming company in the world. Based upon its current agreements, forecast 2015 estimated annual attributable production is approximately 44.5 million silver equivalent ounces2, including 230,000 ounces of gold. By 2019, estimated annual attributable production is anticipated to increase significantly to approximately 55 million silver equivalent ounces2, including 325,000 ounces of gold. This anticipated growth is expected to be driven by the Company’s portfolio of low-cost and long-life assets, including precious metal and gold streams on the Antamina, Salobo, Peñasquito and Constancia mines.
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