Wheaton unit strikes $180M precious metals deal with Adventus, Salazar

Alliance Metals International entered into a precious metals purchase agreement with Wheaton Precious Metals Corp. unit Wheaton Precious Metals International Ltd., securing a $180.5 million financial commitment to develop the Curipamba copper project in Ecuador.

Wheaton Precious Metals International will pay $175.5 million upfront, with a $13 million early deposit for preconstruction activities. The remaining $500,000 will be used for local community development initiatives.

Additionally, Adventus Mining Corp. received $55 million in funding from Trafigura Group Pte. Ltd. subsidiary Trafigura Pte. Ltd. as part of an off-take agreement. $45 million will be part of a senior debt facility, while the remaining $5 million will be deposited early for preconstruction activities.

Alliance Metals is a subsidiary of Adventus and Salazar Resources Ltd.'s joint venture Salazar Holdings Ltd. Adventus holds a 75% stake in the Curipamba project, while Salazar Resources owns the remaining 25%.