TORONTO – Silver Wheaton has extended the deadline of the silver streaming agreement with Barrick Gold relating to the Pascua-Lama gold mine that sits across the border of Chile and Argentina.
Until Pascua-Lama reaches production, Silver Wheaton has been entitled to silver production from three other Barrick mines – Lagunas Norte, Pierina and Veladero – through the end of 2016. The agreement has been extended to March 31, 2018.
Furthermore, the completion test – that Pascua-Lama reach 75% of design capacity before silver streaming starts – deadline has been extended to June 30 2020. Should the completion test not be met, Silver Wheaton is entitled to the return of its initial US$625 million investment, less a credit for silver delivered up to the June 2020 date.
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