Wheaton Precious Metals Corp on Wednesday said it and Vale Base Metals Ltd successfully completed the throughput test for the first phase of the Salobo 3 expansion project in Brazil.

Wheaton, a Vancouver-based precious metals streaming company, said this was a significant achievement that demonstrates ‘increased reliability and continued strong performance’ at VBM’s flagship copper project.

Wheaton Precious Metals said the test required Vale Base’s Salobo complex to run at an average annualised throughput of 32 million tonnes per annum for a 90-day period. VBM confirmed completion of the test on Friday last week, with an average throughput of 32.3 million tonnes per annum.

‘As a cornerstone asset in Wheaton’s portfolio, Salobo is once again proving itself to be a top-tier operation. The ramp-up of the expansion at the Salobo Mine has not only met but surpassed our expectations, and we extend our sincere congratulations to the Vale Base Metals team in achieving this significant milestone,’ said Wheaton’s Chief Executive Officer Randy Smallwood.

‘These efforts have resulted in significant enhancements to both Salobo’s reliability and operational performance, and we continue to forecast meaningful production from Salobo over the next several years,’ he added. ‘As the expansion project advances, we look forward to our continued partnership with Vale Base Metals as they embark on this exciting next phase of growth.’

Vale Base CEO Deshnee Naidoo commented: ‘The consistent performance at Salobo shows we are taking the right actions to unlock value across the portfolio with a focus on driving efficiency and operational excellence.

‘Salobo 3 is a $1.1 billion investment in our future that leverages our unique exposure to a tier 1 copper hub in the Carajas region - a distinct competitive advantage and growth engine as we look to accelerate copper production and deliver critical minerals the world needs.’

Shares in Wheaton Precious Metals were up 0.3% at 3,777.00 pence each in London on Wednesday.

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