Wheaton Precious Metals (NYSE: WPM) (TSX: WPM) has entered into a $175 million Precious Metals Purchase Agreement with Allied Gold Corporation for Ethiopia’s Kurmuk Project, the country’s first commercial gold mine. Wheaton will receive 6.7% of payable gold until 220,000 ounces are delivered, then 4.8% for the life of the mine, with ongoing payments equal to 15% of gold’s spot price. Scheduled for production by mid-2026, the Kurmuk Project expects to average 270,000 ounces of annual gold production over its first five years. Allied plans a two-phase $500 million development of the project, which spans 1,450 km² with significant exploration potential. Wheaton also participated in Allied’s October 2024 equity financing and secured a right of first refusal on future Kurmuk-related precious metal streams or royalties.To view the full press release, visit https://ibn.fm/a9YZm
About Wheaton Precious Metals Corp.
Wheaton Precious Metals is the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions.
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