Silver Wheaton Buys More Gold and Silver Production Rights
Silver Wheaton has agreed to buy all of HudBay Minerals’ silver production and most of their gold production from 2 mines, paying $750 million plus royalties.
The 2 mines in the agreement are HudBay’s 777 Mine in Canada, and the Constancia mine in Peru.
Silver Wheaton is paying $750 million in addition to the cost of the gold and silver bullion purchased from the mines.
Shares of Silver Wheaton rose $1.51 or 5.3% to $30.22, and is up 32% since a 12-month low of $22.94 in May.
Even though silver prices are low compared to the past year, Silver Wheaton is holding strong as they increase their bullion positions when prices are low, and selling bullion reserves when prices are high.
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