That high quality portfolio of assets is highlighted by two cornerstone assets, one is the 25% life of mine silver stream that we have relative to GoldCorp’s Penasquito asset located in Mexico and the other one is the 25% life of mine silver stream relative to Barrick’s Pascua Lama operation which is currently being built in straddles Chile and Argentina. Penasquito is expected to deliver about 7 million ounces of silver production to Silver Wheaton’s account over the life of mine and has been operational since 2010, and the Pascua Lama mine is expected to have first production in the middle of 2014 and will deliver about 9 million ounces to Silver Wheaton’s account for the first five years of production. Until that time we receive 100% of the silver produced from three currently operating mines of Barrick’s, which generate about 2.5 million ounces of silver production for our account per year. Barrick recently announced that there was a delay in initial start-up of Pascua Lama by a year which doesn’t really negatively affect us at all because of the – we will continue to receive silver from these other three operating mines until Pascua Lama satisfies a completion test.
And we just recently added to our high quality portfolio of assets with the deal that we struck with Hudbay. It was announced in early August and it is a deal that involves us receiving 100% of the silver from the currently operating 777 mine and 100% of the gold from that mine until the later of 2016 or when Hudbay completes Constancia, which time the gold stream will drop down to 50%. We also obtained 100% of the life of mine silver production from Constancia, an asset under development in Peru. We are paying $750 million for those two streams, $500 million will be paid upon the closing which is imminent and $250 million will be paid in two tranches; the first tranche will be paid to Hudbay once they have invested $500 million into Constancia and the second tranche of $125 million will be made once Hudbay has invested $1 billion into Constancia. And Constancia’s estimated CapEx is about $1.5 billion currently and that includes 15% contingency. So we are quite comfortable with that CapEx figure.