The Phaserl


Silver Wheaton stocks up on metal in deal with HudBay

by Pav Jordan,

Silver Wheaton Corp., the world’s largest silver streaming company, has announced its first acquisition in more than two years, signalling a belief that prices for its namesake metal have bottomed out.

Vancouver-based Silver Wheaton said on Wednesday it agreed to pay $750-million (U.S.) for life-of-mine silver production from two assets belonging to HudBay Minerals Inc., the 777 mine in Canada and the Constancia project in Peru.

Analysts saw the deal as good for both companies, showing Silver Wheaton is
ready to start buying silver production again. It provides Toronto-based HudBay
with much-needed financing for its Constancia mine in Peru at a time when debt
and equity markets have been slammed shut amid global economic turbulence.

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