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Wheaton Precious Metals Corp - Vancouver-based investor in precious metal mining through royalty and streaming deals - Signs deal with Hecla Mining Co to terminate its existing silver stream on Keno Hill silver district in the Yukon, Canada. It says the termination of the Keno Hill stream will cost $135 million. Wheaton says Hecla will issue $135 million of shares as consideration for the termination of the silver stream.
Wheaton Chief Executive Officer Randy Smallwood says: ‘The termination of the Keno Hill stream further demonstrates our ability to strategically identify opportunities both inside and outside of our portfolio that create value for our shareholders and positions Wheaton to continue to have one of the strongest balance sheets in the industry. While we firmly believe that Keno Hill is a high-quality district with significant exploration potential, given recent announcements, the ability to obtain an immediate return on the termination of the stream was too compelling to ignore.’
Hecla is a US-based silver producer.
Current stock price: 3,076.80 pence
12-month change: down 4.5%
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