SILVER: Teck, Franco-Nevada strike streaming deal

PERU – Teck Resources and Franco-Nevada Corp. have struck a streaming deal for Teck’s share of silver produced at the Antamina copper-zinc mine 270 km north of Lima. Teck owns a 22.50% interest in the Antamina joint venture along with BHP Billiton (33.75%), Glencore (33.75%) and Mitsubishi (10.00%).

Teck will receive an upfront payment of US$610 million from Franco-Nevada, and Franco-Nevada will pay 5% of the spot silver price at time of delivery for each ounce of silver delivered under the agreement.

Particulars of the agreement are available in new releases at either Teck.com or Franco-Nevada.com.