On October 24, 2023, Waterton Global Resource Management and Waterton Copper Corporation (“Waterton Copper”) announced the acquisition by Wheaton Precious Metals Corporation of a US$115-million silver stream on the Mineral Park Mine in Arizona owned by Waterton Copper and the provision of a US$25-million secured debt facility from Wheaton to Waterton Copper.
Mineral Park is a polymetallic mine located in north-west Arizona with a long mining history. It is currently under Phase 2 construction which is expected to be completed by the end of the first quarter of 2025. Waterton Copper is fully funded and is investing approximately US$600-million to execute Phase 2 of its operating plan, which will bring the site to over one hundred million pounds of copper equivalent annually and fully modernize the operation.
Davies Ward Phillips & Vineberg LLP represented Waterton Global Resource Management with a team that included Richard Fridman and Brett Seifred (Corporate); Scott Hyman (Banking); Christopher Anderson, Peter Glicklich, Elie Roth, Jennifer Lee and Zachary Kling (Tax).
McCarthy Tétrault LLP represented Wheaton Precious Metals.