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Transaction/Case Details

Silver Wheaton acquires silver stream from Glencore's Antamina mine


December 9, 2015


Mining & Metals




On November 3, 2015, Silver Wheaton Corp. (TSX:SLW) (NYSE:SLW) announced that its wholly-owned subsidiary, Silver Wheaton (Caymans) Ltd. ("SWC"), has agreed to acquire from Anani Investments Ltd. ("Anani"), a wholly-owned subsidiary of Glencore plc ("Glencore") an amount of silver calculated by reference to silver produced at the Antamina mine, located in Peru. SWC will pay Glencore cash consideration of US$900 million for the silver stream. In addition, SWC will make ongoing payments of 20% of spot price per silver ounce delivered.

Silver Wheaton is the largest pure precious metals streaming company in the world.

Glencore plc (an acronym for Global Energy Commodity Resources) is an Anglo–Swiss multinational commodity trading and mining company headquartered in Baar, Switzerland, with its registered office in Saint Helier, Jersey. The current company was created through a merger of Glencore with Xstrata on 2 May 2013. As of 2014, it ranked tenth in the Fortune Global 500 list of the world's largest companies.It is the world's third-largest family business.

McCarthy Tétrault advised Gelncore with a team that was led by Roger Taplin (Mining and M&A) and included Adam Wanke and Adam Taylor (Mining and M&A).


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