Silver Wheaton’s Acquisition of the Vale Gold Streams
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  Established in 2004, Silver Wheaton has quickly positioned itself as the largest precious metals streaming company in the world. The company has entered into a number of agreements where, in exchange for an upfront payment, it has the right to purchase, at a low fixed cost, all or a portion of the silver and/or gold production from several high-quality mines located in politically stable regions around the globe. Silver Wheaton currently has agreements to purchase silver from 19 operating mines and four development stage projects.

The company’s exceptional growth profile is driven by a portfolio of world-class assets, including silver and precious metal streams on Barrick’s Pascua-Lama project, Hudbay’s Constancia project, and Vale’s Sudbury and Salobo mines. Silver Wheaton’s unique business model creates significant shareholder value by providing:

• Leverage to increases in the silver price;
• Additional growth through the acquisition of new streams;
• A dividend yield, which has the potential to grow over time; and,
• Participation in the exploration success of the mines underlying our current agreements.

Silver Wheaton offers these benefits while at the same time reducing many of the downside risks faced by traditional mining companies. In particular, Silver Wheaton offers its investors both capital and operating cost certainty. Other than its initial upfront payment, Silver Wheaton has no ongoing capital or exploration costs. Furthermore, its operating costs are essentially fixed at approximately US$4 per ounce of silver produced and US$400 per ounce of gold produced, allowing shareholders to benefit from strong margin growth in a rising silver price environment.

The company has an experienced management team with a strong track record of success, and it is well positioned for further growth.
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