Silver Wheaton Corp. (TSX:SLW) plans to buy half of the silver produced by fellow Vancouver-based company Aurcana Corp. (TSX-V:AUN) for US$25 million.
As part of the deal to buy the silver from Aurcana's La Negra mine in Queretaro State, Mexico, Silver Wheaton will pay US$25 million upfront and a maximum of US$3.90 per ounce.
Both companies have also agreed to complete a separate silver agreement on a Texan mine Aurcana is soon to acquire. Silver Wheaton's Aurcana deal is expected to close June 20.
Its share price range during the past week: between $13.97 and $14.60; 52-week high: $19.30; 52-week low: $10.45.