Founded in 2004 as Silver Wheaton, Wheaton Precious Metals pioneered the precious metals streaming business model. The company does not operate mines itself; instead, it partners with major mining firms like Vale, Glencore, and Newmont to purchase by-product metals from their operations. Its portfolio includes long-term streaming agreements across the Americas, Europe, and Africa, covering assets such as the Salobo mine in Brazil and the Peñasquito mine in Mexico. While initially focused purely on silver, the company has diversified significantly, with gold now accounting for the majority of its revenue, alongside contributions from silver, palladium, platinum, and cobalt. This model provides investors with leverage to commodity prices and exploration upside while insulating them from capital cost overruns and operational risks typical of traditional mining.
