Silver Wheaton has entered into an agreement with Scotiabank and BMO Capital Markets as Joint Lead Arrangers and Co-Bookrunners securing a commitment to underwrite two new credit facilities: (1) a US$1 billion revolving credit facility having a 5 year term; and (2) a US$1.5 billion bridge financing facility having a 1 year term. These facilities will replace the existing US$400 million revolving credit facility. Combined with cash on hand, the additional credit capacity offered by these new credit facilities provides Silver Wheaton with sufficient access to capital to fund the upfront payment while continuing its pursuit of additional accretive growth opportunities.
ABOUT THE SALOBO MINE
Vale's Salobo mine, located in the Pará state of Brazil, is the largest copper deposit ever found in Brazil. This newly constructed, low-cost copper-gold mine began operating in May 2012 with a design throughput capacity of 12Mtpa. Vale has subsequently begun a second phase of construction to expand the mine to 24Mtpa of mill capacity by the end of 2015. During the ramp up to 24Mtpa, the mine is expected to average 45 thousand ounces attributable gold production. Salobo has reserves of over one billion tonnes with gold and copper grades of 0.43 g/t [ 1] and 0.69 [ 2] percent respectively, and, along with additional resources also has substantial exploration and expansion potential. The mine is well positioned relative to infrastructure and is connected to the national power grid with ample capacity for current production and future expansion.
________________________________________ [ 1] Silver Wheaton will file a technical report for the Salobo mine within 45 days of this press release. For further details of the Salobo mineral reserves, see the tables appended to this news release. [ 2] Source is Vale's 2011 20-F filing with the SEC available on EDGAR ( http://www.edgarfiling.sec.gov).ABOUT THE SUDBURY MINES Vale's Sudbury mines, located in Ontario, Canada, have an operating history going back to 1885. Sudbury is one of the largest nickel producing areas globally, and Vale's operations in Sudbury are among the largest in the world. The Sudbury gold stream covers six producing mines (the Coleman, Copper Cliff, Creighton, Garson, Stobie, and Totten mines) and one development stage project (the Victor project). From 2013 to 2015, the Sudbury mines are expected to average attributable production of approximately 30 thousand ounces as the Totten mine gradually reaches full production. Gold production is expected to peak once the high grade Victor deposit begins production. All ore bodies contain a mix of nickel, copper, platinum group metals, cobalt, gold and silver. In Sudbury, Vale also has a central concentrator, smelter and refinery, making this one of the largest integrated mining operations in the world. The combined mine life is estimated to well beyond the end of the 20 year term, based on current mineral reserves and mineral resources. SILVER WHEATON ANNOUNCES NEW PRODUCTION GUIDANCE
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