Silver Wheaton, which buys streams of the precious metal from miners, on Monday reported a near ten-times jump in second-quarter net earnings to record US$148.1-million, as a result of higher prices.
Attributable production rose 5% to 6.2-million silver equivalent ounces, and with lower than planned output at TSX-listed Goldcorp’s Peñasquito mine and Primero's San Dimas mine, both in Mexico, where Silver Wheaton has agreements to buy a portion of the operations' production.
The company has an agreement to buy 25% of all the silver produced from Peñasquito , over its entire mine life.
Revenues for the three months ended June 30 more than doubled to $194.8 million.
“With silver production rates forecast to grow by 80% over the next five years, and ongoing global economic and political uncertainties supporting robust silver prices, our shareholders should continue benefiting from strong free cash flow generation in the years ahead,” Randy Smallwood said in a statement.
Silver Wheaton aims to grow attributable production 80% over the next five years to some 43-million silver equivalent ounces.
The company provides funding for mines through buying their future silver and gold production at fixed rates upfront.
Smallwood said the inflationary pressures in the mining industry were benefitting his company as it has fixed costs of around $4/oz because of its business model.
Attributable production rose 5% to 6.2-million silver equivalent ounces, and with lower than planned output at TSX-listed Goldcorp’s Peñasquito mine and Primero's San Dimas mine, both in Mexico, where Silver Wheaton has agreements to buy a portion of the operations' production.
The company has an agreement to buy 25% of all the silver produced from Peñasquito , over its entire mine life.
Revenues for the three months ended June 30 more than doubled to $194.8 million.
Silver Wheaton aims to grow attributable production 80% over the next five years to some 43-million silver equivalent ounces.
The company provides funding for mines through buying their future silver and gold production at fixed rates upfront.
Smallwood said the inflationary pressures in the mining industry were benefitting his company as it has fixed costs of around $4/oz because of its business model.
No comments:
Post a Comment