Wheaton is focused on high-quality mine projects that can support streaming transactions in the long-term. Due diligence is critical in determining whether mine projects can withstand market pressure and manage ESG risks and issues, with a view to the long-term success of the mine.
When evaluating new streaming opportunities, Wheaton employs extensive and diverse methods to identify and assess risks prior to entering into new agreements. The due diligence process is undertaken by Wheaton’s internal staff with experience evaluating financial, technical, ESG and political risks. When appropriate, third-party experts are used to assist in the evaluations. Information provided to Wheaton by Third-Party Operators is subject to obligations of confidentiality.
Wheaton’s internal experts use their discretion in determining the level of due diligence that is deemed appropriate for each investment, and the due diligence process can differ depending on the mine project, jurisdiction(s) and context. The due diligence conducted by Wheaton may include, but is not limited to:
Throughout the due diligence process, Wheaton will extensively engage with the management team of the Third-Party Operator. A site visit is performed for every investment, during which technical, financial and ESG issues are discussed and all facilities are visited including open pit and/or underground operations, mineral processing plants, and other infrastructure. The surrounding communities are also visited with a focus on reviewing ESG related programs at the community level.
After the potential investment is analyzed and evaluated by Wheaton’s internal experts, the management teams discuss the opportunity, including reviewing the financial, technical, legal and ESG risks uncovered during the due diligence process. The potential investment is then considered on various quantitative and qualitative factors, including ESG risk factors. Wheaton endeavors to add streaming transactions on mine project(s) with reputable partners that effectively manage their ESG risks through the appropriate policies and programs.
Once the due diligence process is completed and management teams are supportive of a potential investment, approval is sought from the applicable Board of Directors.
Wheaton’s streaming agreements typically include the following types of provisions to reduce exposure to ESG risks:
In addition to the above, Wheaton manages ESG risks arising from current streams by undertaking ongoing due diligence. Ongoing compliance and due diligence is overseen by Wheaton’s Director of Contract Compliance and the Vice President of Mining Operations, and typically includes, but is not limited to:
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