Silver Wheaton Corp. (TSX:SLW) has completed its US$485 million acquisition of Goldcorp's Penasquito Project in Mexico.
The acquisition gives Silver Wheaton access to what is expected to become Mexico's largest mine and 413 million ounces of measured and indicated silver resources.
The mine is on track to open in 2008.
In addition to the initial payment, Silver Wheaton will pay an ongoing per-ounce operating fee equal to US$3.90 or the prevailing market price, whichever is lower.
Silver Wheaton paid for the mine with credit from the Bank of Nova Scotia and BMO Capital Markets.
Silver Wheaton's share price range during the past week: between $14.51 and $15.40; 52-week high: $15.56; 52-week low: $8.99.