STREAMING OVER THE (H)EDGE
Hedging is so yesterday and streaming is so today, with streamers buying up metals still in the ground at low, fixed, predetermined prices and sellers getting large upfront amounts followed by ongoing trickles. A long-term streaming agreement was last week entered into between Glencore’s wholly owned Anani Investments and Silver Wheaton for delivery of silver produced at the Antamina mine, in Peru, as part of Glencore’s earlier-announced debt reduction plans. Scotiabank Europe acted as financial adviser to Glencore, the London-, Hong Kong- and Johannesburg-listed diversified mining and marketing company headed by CEO Ivan Glasenberg, for an advance payment of $900-million to Glencore. The stream will be reduced to 22.5% of silver produced after the delivery of 140-million ounces. Last month, Teck Resources secured $610-million in cash as an advance on its 22% share of silver production from the very same Antamina mine, in which it also has a stake.
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