Evaluating metal streaming investors as an alternative mining finance mechanism: Evidence from Peru

Cotrina-Teatino M.A.; Marquina-Araujo J.J.; Alvarez-Tandaypan P.J.; Murga-Peña C.J. · Mining Technology: Transactions of the Institutions of Mining and Metallurgy (2026) · DOI: 10.1177/25726668261467235

Resumen

Metal streaming has become an important alternative mining finance mechanism, yet comparative evidence remains limited on how streaming investors can be evaluated when firm-level financial strength, contractual structure, and host-country project exposure are considered simultaneously. This study develops and applies a general multicriteria assessment framework to evaluate metal streaming investors, using documented exposure to Peruvian mining projects as an empirical case of analysis. The framework integrates ordinal rubrics (1–5), Analytic Hierarchy Process weights, normalized composite indices (0–100), and the general electric–McKinsey matrix. Competitiveness was evaluated through financial strength, experience and network breadth, and contractual efficiency, while attractiveness was assessed through reputation and brand risk, economic performance, and growth and strategy factors. The results show a polarized strategic structure. Wheaton Precious Metals achieved the strongest overall position, while Franco-Nevada Corporation and Triple Flag Precious Metals also showed favorable profiles supported by greater capital scale, diversified portfolios, resilient margins, and strong counterparties. In contrast, Empress Royalty and especially RIVI Capital LLC ranked lower due to weaker liquidity, limited contractual diversification, and lower revenue sustainability. Sensitivity analysis (±20%) suggested local stability of the ranking under moderate changes in factor weights. The study provides a replicable framework and extends mining finance literature. © The Author(s) 2026

Instituciones: Universidad Nacional de Trujillo