In a bold play to strengthen its global mining footprint, Wheaton Precious Metals Corp. announced Friday that it will acquire a U.S. gold project from Waterton Gold LP for a cash price of $670 million, signaling a major expansion into Nevada’s mineral-rich landscape.
The Canadian-based streaming powerhouse revealed that its subsidiary, Wheaton Precious Metals International Ltd., will invest directly in the Spring Valley project, owned by Waterton’s arm Solidus Resources LLC.
A Strategic Move Into Nevada’s Gold Belt
Wheaton’s President, Haytham Hodaly, said the Spring Valley acquisition “adds another high-quality, low-cost mine in a tier-one jurisdiction” to the company’s robust portfolio.
“The project meets all the criteria of our rigorous due diligence process—from scale to margins to exploration upside to quality of the management team,” Hodaly said, emphasizing the company’s meticulous selection strategy.
Wheaton, publicly listed in Toronto, New York, and London, is one of the world’s premier precious metals streaming companies, a model that allows it to finance miners in exchange for the right to purchase future production at a fixed, discounted rate.
