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Silver Wheaton Corp. Message Board

  • i_advance_masked i_advance_masked Apr 10, 2013 11:12 AM Flag

    Pascua - Lama has been suspended by the Chilean Government

    This suspension will likely last until Barrick gets its act together and cleans up the mes.. However, SLW will not be too badly affected...SLW is a buy here.

    Pascua-Lama Barrick Gold Corporation Chile/Argentina 25% - Life of Mine 2009-09-08
    Lagunas Norte Barrick Gold Corporation Peru 100% - 4 years 6 2009-09-08
    Pierina Barrick Gold Corporation Peru 100% - 4 years 6 2009-09-08
    Veladero Barrick Gold Corporation Argentina 100% 7 - 4 years 6 2009-09-08
    --

    Barrick will deliver to Silver Wheaton silver production from the currently producing mines until December 31, 2013. In addition, during 2014 and 2015, Silver Wheaton will be entitled to all or a portion of the silver production from these mines to the extent of any production shortfall relative to the production guarantee levels at Pascua-Lama, until Barrick satisfies the completion guarantee.

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    • TRANSACTION TERMS

      To acquire 25% of the life of mine silver production from Barrick's Pascua-Lama project, as well as 100% of the silver production from its Lagunas Norte, Pierina and Veladero mines until the end of 2013, Silver Wheaton will make total upfront cash payments of US$625 million over three years, of which US$212.5 million is payable on closing and three further payments of US$137.5 million are due on the first, second and third anniversaries. Silver Wheaton will also make ongoing payments of the lesser of US$3.90 (subject to a one percent annual adjustment starting in the fourth year after the achievement of specific operating targets) and the prevailing market price, for each ounce of silver delivered under the agreement. Silver Wheaton will not share in any ongoing capital or exploration expenditures at the various mines.

      Barrick has provided Silver Wheaton with a completion guarantee, requiring them to complete Pascua-Lama to at least 75% of design capacity by December 31, 2015. During 2014 and 2015, Silver Wheaton will be entitled to the silver production from the currently producing mines to the extent of any production shortfall at Pascua-Lama, until Barrick satisfies the completion guarantee. If Barrick fails to satisfy the requirements of the completion guarantee, the agreement may be terminated by Silver Wheaton. In such an event, Silver Wheaton would be entitled to the return of the upfront cash consideration of US$625 million less a credit for silver delivered up to the date of that event.

 
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