Wheaton Precious Metals announced that its subsidiary, Wheaton Precious Metals International, has entered into a definitive Precious Metals Purchase Agreement with Montage Gold Corp. in respect to its Koné Gold Project located in Côte d'Ivoire. WPMI will pay Montage total upfront cash consideration of $625 million in four equal installment payments during construction.
WPMI will purchase 19.5% of the payable gold until a total of 400 thousand ounces of gold has been delivered, at which point WPMI will purchase 10.8% of the payable gold until an additional 130 Koz of gold has been delivered, at which point WPMI will purchase 5.4% of payable gold for the life of the mine.
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