MELBOURNE, April 3, 2026, 07:12 AEDT
BHP Group has wrapped up its $4.3 billion silver streaming agreement with Wheaton Precious Metals, securing instant cash tied to its stake in Peru’s Antamina mine. BHP confirmed receipt of the upfront cash, and Wheaton noted the stream kicked in on April 1.
This is relevant now because BHP has leaned on asset-management arrangements to unlock cash, with copper becoming a bigger part of the mix. Back in February, the miner reported copper accounted for 51% of group underlying EBITDA—its preferred gauge of core earnings. The Antamina stream, together with a separate iron ore power agreement in Western Australia, is set to free up more than $6 billion in cash, a figure that could hit $10 billion.
A streaming deal gives a buyer upfront cash in exchange for a cut of future metal output. In the Antamina agreement, Wheaton grabs rights to silver equal to 33.75% of BHP’s share until 100 million ounces come through. After that, the percentage drops to 22.5% for the rest of the mine’s life. Wheaton still owes BHP 20% of the spot silver price on every ounce. Settlement happens via metal credits—so no actual silver heads Wheaton’s way. BHP said this setup helps it cash in on a non-core by-product, but keeps full upside to Antamina’s copper, zinc, and lead production. CEO Mike Henry called the move a “disciplined” way to “unlock additional value from the asset.” BHP
Antamina, a major copper-zinc operation in Peru’s Ancash region some 270 kilometres north of Lima, is described in deal documents as having enough reserves to keep mining through 2036. The joint venture breakdown stays the same: BHP at 33.75%, Glencore holding 33.75%, Teck Resources at 22.5%, and Mitsubishi with 10%.
Wheaton is doubling down on its Antamina position with this move. The company already held a silver stream linked to Glencore’s equivalent stake; now, its total share of Antamina’s silver bumps up to 67.5%. “Quality silver production is becoming increasingly difficult to source,” CEO Randy Smallwood said. President Haytham Hodaly described Wheaton’s increased Antamina exposure as a “unique and transformative opportunity.” Reuters
The timing of the deal lines up as major diversified miners push further into copper. Back in February, copper surpassed all other segments to become BHP’s top driver for operating profit, while at Rio Tinto, it now delivers around 30% of yearly earnings. That shift explains the sector’s motivation to chip away at its dependence on iron ore—though top-tier copper projects aren’t getting any easier or cheaper to find.
Still, the cash boost doesn’t erase all the hazards. BHP remains deeply exposed to iron ore, and back in March, China Mineral Resources Group tightened limits on select BHP shipments as contract negotiations stretched out—though one Jimblebar ban was briefly relaxed just days later. The silver stream? Not immune either; it moves in step with Antamina’s real-world production, since the deal is pegged directly to output.
Andy Forster, who manages the portfolio at Argo Investments and holds BHP shares, called the miner’s February half-year numbers “good” and said BHP “smashed everyone’s expectations” on dividends. Now that the Wheaton deal has delivered fresh cash, investors are back to watching whether BHP can keep up those payouts and still cover spending on the copper projects it claims set it apart. Reuters
