Wheaton Precious Metals completes US$50M precious metals purchase agreement with Rio2 Limited
November 16, 2021
50.00 Million USD
On November 16, 2021, Wheaton Precious Metals International Ltd., a wholly-owned subsidiary of Wheaton Precious Metals Corp., entered into a US $50 million definitive precious metals purchase agreement with Rio2 Limited, in relation to Rio2’s Fenix Gold Project in Chile. Under the agreement, Wheaton will purchase 6.0% of the equivalent gold production from the Fenix Gold Project, reducing to 4.0% after 90,000 ounces of gold have been delivered and 3.5% after 140,000 ounces of gold have been delivered. The purchase price for such deliveries will initially be equal to 18% of the spot gold price, increasing to 22% of the spot gold price in accordance with the terms of the agreement. The agreement is one of the components of the mine construction financing totaling approximately US$125 to US$135 million to finance the construction of a mine at the Fenix Gold Project.
Wheaton Precious Metals is one of the world's largest precious metals streaming companies, based in Vancouver, BC.
McCarthy Tétrault LLP advised Wheaton Precious Metals with a team led by Roger Taplin and included Christopher Langdon, Patrick Deutscher, Christopher Zawadzki, Erin O’Callaghan and Geena Lee (Business Law).