BRIEF-Glencore says unit enters into streaming agreement with Silver Wheaton

Wed Nov 4, 2015 2:28am EST
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Nov 4 (Reuters) - Glencore Plc

* Transaction forms part of glencore's debt reduction plans announced on 7 september 2015.

* Long-Term streaming agreement entered into by anani investments limited (unit of glencore) with silver wheaton

* Silver wheaton will make an advance payment of us$900 million to glencore five business days after closing of transaction

* After closing silver wheaton will pay 20% of spot price at time of delivery for each ounce of silver delivered

* Glencore will deliver silver to silver wheaton equivalent to 33.75% of silver produced by antamina mine at a 100% payable rate

* After 140 million ounces of silver have been delivered under streaming agreement, stream will be reduced to equivalent of 22.50% Source text for Eikon: Further company coverage: