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Now we’re moving on to Silver Wheaton. We have Gary Brown, the Senior VP and Chief Financial Officer to make the presentation, and this continues our streaming side, focusing now on the silver streams. Gary, you guys just made a transaction also.
Great, thanks Mike, and it’s always a pleasure to speak at this conference, thanks for the invite back, and thank you for taking time out of your schedules to learn a little bit more about Silver Wheaton, and why we believe it represents the best investment vehicle out there to gain long-term exposure to silver.
Our vision is to become the premier silver focused streaming company out there and to provide shareholders with high quality long-term exposure to precious metals while at the same time offering mine owners with an attractive capital.
Just a quick refresher on what silver streaming is. Essentially in return for an upfront payment, Silver Wheaton acquires the rights to a certain percentage of silver that is produced from a specific mining asset and we make an additional downstream payment for every ounce of silver that’s delivered to us. Effectively, we view the upfront payment as being reflective of the value of the silver contained in the ore body and the production payment is intended to compensate the mining company for extracting what we consider to be our silver on our behalf.