TransactionsSilver Wheaton Agrees to Acquire Life of Mine Silver and Gold Production from Augusta's Rosemont ProjectPublished: 02/22/2010 By Mark T. Bennett, Erik Goldsilver On February 11, 2010, Silver Wheaton Corp. agreed to acquire an amount equal to 100% of the life of mine silver and gold production from Augusta Resource Corporation’s Rosemont Copper Project located in Pima County, Arizona. Silver Wheaton will pay Augusta upfront cash payments totaling US$230 million to acquire an amount equal to 100% of all payable silver and gold produced from Rosemont, for the lesser of US$3.90 per ounce of silver and US$450 per ounce of gold (both subject to an inflationary adjustment) or the prevailing market price per ounce of silver and gold delivered. The upfront payments will be made on an installment basis to partially fund construction of the mine and will commence once certain milestones are achieved. Mark Bennett and Erik Goldsilver (mining, corporate) acted for Silver Wheaton. |