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Wheaton Precious Metals Corp on Thursday said it has completed a $300 million gold stream agreement with Carcetti Capital Corp, supporting the latter’s acquisition of the Hemlo gold mine from Barrick Mining Corp. The transaction closed on Wednesday and will provide Wheaton with immediate gold production and cash flow. Carcetti has since rebranded as Hemlo Mining Corp. The financing package for the acquisition included the $300 million Wheaton stream, $542 million in equity financing of which Wheaton contributed about $30 million and up to $250 million in bank debt. Under the gold stream terms, Wheaton will purchase around 10% of payable gold from Hemlo until 135,750 ounces have been delivered, after which the stream reduces to 6.8% until a further 117,998 ounces are delivered. It then drops to 4.5% for the life of the mine. Attributable production is expected to average 15,000 ounces per year over the first decade and more than 13,000 ounces annually over the life of the mine. Hemlo has an estimated 14-year mine life. Wheaton will pay ongoing production payments equal to 20% of the gold spot price. The agreement also grants Wheaton a right of first refusal over future precious-metal financing deals related to Hemlo. Wheaton said the stream adds 190,000 ounces of proven and probable gold reserves to its portfolio. Shares in Wheaton Precious Metals were up 1.0% at 7,980.00 pence in London on Thursday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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