BNN Bloomberg · Nov 6, 2026
With Haytham Hodaly, President & CEO of Wheaton Precious Metals
Wheaton Precious Metals posted record year-to-date cash flow even after one of its biggest mines, Salobo, missed its production target by about 9%. A mining company absorbs that kind of miss directly; a streaming company like Wheaton, which pays a fixed price per ounce no matter what it costs the miner to dig it up, mostly does not.
"Antamina is one of those assets that comes around once a decade." — Haytham Hodaly
Haytham Hodaly, who took over as Wheaton's president and CEO this year after Randy Smallwood stepped back, told BNN Bloomberg the quarter's results and a new streaming deal both make the case for his business model.
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Key Takeaways
Wheaton's production pipeline grows almost 50% by 2030, as two new mines start paying
Koné and Kurmuk only recently began production
Streaming's fixed-payment structure protects margins even when a mine misses
Salobo's own production fell about 9%, with recovery expected in Q4
The new Antamina deal is proof streaming can compete with equity and debt
Wheaton values the mine's life at seven to eight decades, not the ten priced in
Central banks bought 61 tons of gold in September, 38% of it from China alone
1. Record Cash Flow, New Mines
Haytham said Wheaton's portfolio delivered record year-to-date cash flow, helped by two mines that only recently started producing. Koné, operated by Montage Gold, and Kurmuk, operated by Allied Gold, are two of roughly nine projects behind the growth.
Wheaton's production pipeline is set to grow almost 50% by 2030
"It just started pouring gold." — Haytham Hodaly
He said the pipeline is not a forecast anymore but cash already arriving, pointing to Koné's start as evidence.
"Going to grow almost 50% between now and the end of the decade." — Haytham Hodaly
