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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Barrick Gold Corp. (BC) (delisted) | NYSE:ABX | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.54 | 0.00 | 01:00:00 |
By Carolyn King
Silver Wheaton Corp. said Monday that it had struck a deal to acquire an additional 25% gold royalty stream from Vale SA's Salobo copper-gold mine in Brazil for $900 million in cash.
The deal will entitle the Canada-based royalty company to 50% of the life-of-mine gold production from the mine, which is in the Para state of Brazil and was commissioned in November 2012. To help pay for the acquisition, Silver Wheaton said it had entered into an agreement with a syndicate of underwriters to sell $800 million of common shares at $20.55 each.
The company's shares closed Monday at $21.20 on the New York Stock Exchange.
Silver Wheaton, which says it is the world's largest precious metals streaming company, has other streaming agreements in South America, including with Glencore International AG in Peru and Barrick Gold Corp. in Peru and Argentina.
It said that, in addition to the $900 million in cash, a Silver Wheaton unit will make ongoing payments of the lesser of $400 (subject to a 1% annual inflation adjustment) and the prevailing market price, for each ounce of gold delivered under the agreement. The terms of the existing gold stream on Salobo were modified so that the annual inflation adjustment that was scheduled to start in 2016 would now start coincident with this stream in 2017. Silver Wheaton acquired the initial 25% of the Salobo gold production in 2013.
The company said the acquisition immediately boosts its production and cash-flow profile by adding expected average gold production of 70,000 ounces annually for the first 10 years and 60,000 ounces annually over the first 30 years. It called the Salobo mine one of Silver Wheaton's cornerstone assets.
Write to Carolyn King at carolyn.m.king@wsj.com
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