![](../style/all/img/drapeau/grand/Canada.gif) | | Published : May 15th, 2012 | Silver Wheaton Reports a Strong Start to 2012 with Record Quarterly Revenues of US$200 Million |
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Silver Wheaton Reports a Strong
Start to 2012 with Record Quarterly Revenues of US$200 Million
Silver Wheaton Corp. ("Silver Wheaton" or the
"Company") (TSX:SLW)(NYSE:SLW) is pleased to
announce its unaudited results for the first quarter ended March 31, 2012.
FIRST QUARTER HIGHLIGHTS
Attributable silver equivalent production of 6.7 million
ounces (6.6 million ounces of silver and 2,100 ounces of gold), an increase of
8% compared with Q1 2011.
Revenues increased 26% compared with Q1 2011, to a record
US$199.6 million, on record silver equivalent sales of 6.1 million ounces (5.9
million ounces of silver and 3,900 ounces of gold).
Net earnings increased 20% compared with Q1 2011, to
US$147.2 million (US$0.42 per share).
Operating cash flows increased 29% compared with Q1 2011, to
US$163.8 million (US$0.46 per share1).
Cash operating margin1 increased slightly compared with Q1
2011, to US$28.51 per silver equivalent ounce, amongst the highest in the
sector.
Average cash costs of US$4.081 per silver equivalent ounce
(US$4.02 per ounce of silver and US$303 per ounce of gold), relatively
unchanged from Q1 2011.
Cash balance of US$997.5 million, with a net cash position
of US$926.0 million at the end of Q1 2012.
Declared quarterly dividend of US$0.09 per common share,
representing 20% of the cash generated by operating activities during the three
months ended December 31, 2011.
Announced attributable proven and probable silver reserves
of 798 million ounces, nearly twice the reserves of any other silver company in
the world.
"Solid operating performance from across our portfolio
of mines led to a strong start in 2012," said Randy Smallwood, President
and Chief Executive Officer of Silver Wheaton. "We achieved record
quarterly revenues, and are on target to attaining our annual production
guidance of 27 million silver equivalent ounces. With continued positive
progress at our world-class cornerstone assets, including the Pe�asquito and
Pascua-Lama mines, Silver Wheaton retains one of the strongest growth profiles
in the sector."
"While there continues to be a strong trend of
expanding capital needs in the mining industry, challenging global financial
markets have made access to traditional forms of capital, such as debt and
equity, much more difficult. In this environment, Silver Wheaton's streaming
model offers a particularly attractive funding solution for mining companies,
and we continue pursuing value-enhancing acquisitions. With approximately US$1
billion in cash on hand, a fully undrawn $400 million revolving credit facility,
and forecast annual operating cash flows in excess of $600 million at current
precious metals prices, Silver Wheaton is exceptionally well-positioned to grow
its portfolio of high-quality precious metals streams, further boosting its
long-term production levels."
Financial Review
Revenues
Revenue was US$199.6 million in the first quarter of 2012,
on silver equivalent sales of 6.1 million ounces (5.9 million ounces of silver
and 3,900 ounces of gold), a record for the Company. This represents a 26%
increase from the US$158.2 million of revenue generated in the first quarter of
2011, due to a 25% increase in the number of silver equivalent ounces sold.
Increased sales were primarily related to the timing of shipments of stockpiled
concentrate and to increased production at some of the mines underlying the
Company's silver purchase agreements.
Costs and Expenses
Average cash costs in the first quarter of 2012 were US$4.081
per silver equivalent ounce, compared with US$4.071 during the comparable
period of 2011. This resulted in cash operating margins1 of US$28.51 per silver
equivalent ounce, a slight increase compared to the first quarter
of 2011.
During the first quarter of 2012, the Company recorded an
income tax expense of US$3.3 million, which includes a non-cash deferred income
tax expense of US$3.1 million, attributable primarily to the reversal of
previously recognized deferred income tax assets relating to the decline in
fair value of long-term investments in common shares and to income from
Canadian operations. This compared to an income tax recovery of $2.3 million in
the comparable period of the previous year, which included a non-cash deferred
income tax recovery of $2.5 million.
Earnings and Operating Cash Flows
Net earnings in the first quarter
of 2012 were US$147.2 million (US$0.42 per share), compared with US$122.2
(US$0.35 per share) for the same period in 2011, an increase of 20%. Cash flow
from operations in the first quarter of 2012 was US$163.8 million (US$0.46 per
share1), compared with US$127.2 million (US$0.36 per share1) for the same
period in 2011, an increase of 29% (an increase of 28% on a per share basis).
The increase in net earnings and operating cash flows is primarily attributable
to a 25% increase in the number of silver equivalent ounces sold.
Balance Sheet
At March 31, 2012, the Company had approximately US$997
million of cash on hand. In addition, the Company had US$400 million of
available credit under its revolving bank debt facility. The combination of
cash, available credit, and strong operating cash flows, positions the Company
well to execute on its growth strategy of acquiring additional accretive silver
stream interests.
Operational Highlights
Attributable silver equivalent production was 6.7 million
ounces (6.6 million ounces of silver and 2,100 ounces of gold) in the first
quarter of 2012, representing an increase of 8% compared to the first quarter
of 2011.
Operational highlights for the quarter ended March 31, 2012
are as follows:
Pe�asquito -
As stated in Goldcorp Inc.'s ("Goldcorp") press
release dated March 28, 2012, the high pressure grinding roll supplemental feed
system at the Pe�asquito mine was successfully commissioned during the first
quarter of 2012. Throughput in the last three weeks of March 2012 averaged over
110,000 tonnes per day, and included record daily throughput of 143,000 tonnes
on March 13, 2012. In the ten days prior to mid-April, throughput averaged
123,000 tonnes per day. Activities at Pe�asquito over the balance of 2012 will
focus on further optimization of the processing line. Pe�asquito will become
Silver Wheaton's largest contributor of silver production in 2012, with
forecast attributable silver production of approximately 7 million ounces.
Pascua-Lama -
As stated by Barrick Gold Corporation in its first quarter
2012 MD&A, the Pascua-Lama project remains on track to commence production
in mid-2013, with over 70% of the previously announced pre-production capital
budget of $4.7 to $5.0 billion committed. At the end of the first quarter, earthworks in Chile and Argentina were
approximately 97% and 73% complete, respectively, with pre-stripping expected
to commence during the second quarter. Once in production, Pascua-Lama is
forecast to be one of the largest and lowest cost gold mines in the world with
an expected mine life in excess of 25 years. In its first full five years of
operation, Silver Wheaton's attributable silver production is expected to
average nine million ounces annually.
San Dimas -
As per Primero Mining Corp.'s ("Primero") March
28, 2012 disclosure, in an effort to improve mine planning and expand long-term
production levels at its San Dimas mine, Primero elected to utilize block
modeling to estimate its mineral reserves and resources rather than the
polygonal method, which it had used historically. The estimates made using this
new approach resulted in a reduction in both silver reserves and inferred
resources at the San Dimas mine, as of December 31, 2011.
Primero's disclosure also states that there is significant
exploration potential at San Dimas beyond the stated mineral reserves and
resources, some of which has been reported as mineral potential. Further
details can be found in their March 28, 2012 disclosure. Primero believes that
the new estimation approach will improve mine planning, and that further
drilling and mine development will result in mineral resources being converted
to mineral reserves, a reasonable amount of the
exploration potential being converted to inferred resources, and new mineral
discoveries being realized.
Produced But Not Yet Delivered -
Payable silver equivalent ounces produced but not yet
delivered to Silver Wheaton by its partners was virtually unchanged in the
first quarter, with a total of approximately 4.2 million payable ounces at
March 31, 2012. The total is primarily attributable to Glencore International
AG's Yauliyacu mine, and Goldcorp's Penasquito mine, where approximately 1.7
million and 1.3 million ounces of cumulative payable silver ounces have been
produced but not yet delivered to the Company, respectively.
Detailed mine by mine production and sales figures can be
found in the Appendix of this press release and in Silver Wheaton's
Management's Discussion and Analysis ("MD&A") in the 'Results of
Operations and Operational Review' section.
This earnings release should be read in conjunction with
Silver Wheaton's MD&A and unaudited Financial Statements, which are
available on the Company's website at www.silverwheaton.com
and have been posted on SEDAR at www.sedar.com.
-----------------------------------------
1 Please refer to non-IFRS measures at the end of this press release.
Webcast and Conference Call Details
A conference call will be held Monday, May 14, 2012,
starting at 11:00 am (Eastern Time) to discuss these results. To participate in
the live call please use one of the following methods:
Dial toll free from Canada or the US:
|
1-888-231-8191
|
Dial from outside Canada or the US:
|
1-647-427-7450
|
Pass code:
|
71685970
|
Live audio webcast:
|
www.silverwheaton.com
|
Participants should dial in five to ten minutes before the
call.
The conference call will be recorded and you can listen to
an archive of the call by one of the following methods:
Dial toll free from Canada or the US:
|
1-855-859-2056
|
Dial from outside Canada or the US:
|
1-416-849-0833
|
Pass code:
|
71685970
|
Archived audio webcast:
|
www.silverwheaton.com
|
About Silver Wheaton
Silver Wheaton is the largest silver streaming company in
the world. Based upon its current agreements, forecast 2012 attributable
production is approximately 27 million silver equivalent ounces, including
16,500 ounces of gold. By 2016, annual attributable production is anticipated
to increase significantly to approximately 43 million silver equivalent ounces,
including 35,000 ounces of gold. This growth is driven by the Company's
portfolio of world-class assets, including silver streams on Goldcorp's
Pe�asquito mine and Barrick's Pascua-Lama project.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
The information contained herein contains "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Forward-looking statements, which are all statements other than statements of
historical fact, include, but are not limited to, statements with respect to
the future price of silver and gold, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing and amount
of estimated future production, costs of production, reserve determination,
reserve conversion rates and statements as to any future dividends. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and
phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be
taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or
achievements of Silver Wheaton to be materially different from those expressed
or implied by such forward-looking statements, including but not limited to:
fluctuations in the price of silver and gold; the absence of control over
mining operations from which Silver Wheaton purchases silver or gold and risks
related to these mining operations including risks related to fluctuations in
the price of the primary commodities mined at such operations, actual results
of mining and exploration activities, economic and political risks of the
jurisdictions in which the mining operations are located and changes in project
parameters as plans continue to be refined; and differences in the
interpretation or application of tax laws and regulations; as well as those
factors discussed in the section entitled "Description of the Business -
Risk Factors" in Silver Wheaton's Annual Information Form available on
SEDAR at www.sedar.com
and in Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange
Commission in Washington, D.C. Forward-looking statements are based on
assumptions management believes to be reasonable, including but not limited to:
the continued operation of the mining operations from which Silver Wheaton
purchases silver or gold, no material adverse change in the market price of
commodities, that the mining operations will operate and the mining projects
will be completed in accordance with their public statements and achieve their
stated production outcomes, and such other assumptions and factors as set out
herein. Although Silver Wheaton has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate. Accordingly, readers
should not place undue reliance on forward-looking statements. Silver Wheaton
does not undertake to update any forward-looking statements that are included
or incorporated by reference herein, except in accordance with applicable
securities laws.
Consolidated Statement of Earnings (unaudited)
|
|
Three Months Ended
March 31
|
(US dollars and shares in thousands, except per share
amounts - unaudited)
|
|
2012
|
2011
|
Sales
|
|
$
|
199,638
|
$
|
158,183
|
Cost of sales
|
|
|
|
|
|
Cost of sales, excluding depletion
|
|
$
|
25,019
|
$
|
19,948
|
Depletion
|
|
|
17,206
|
|
11,684
|
Total cost of sales
|
|
$
|
42,225
|
$
|
31,632
|
Earnings from operations
|
|
$
|
157,413
|
$
|
126,551
|
Expenses and other income
|
|
|
|
|
|
General and administrative 1
|
|
$
|
7,564
|
$
|
6,501
|
Foreign exchange gain
|
|
|
(30)
|
|
(4)
|
Other (income) expense
|
|
|
(650)
|
|
140
|
|
|
$
|
6,884
|
$
|
6,637
|
Earnings before income taxes
|
|
$
|
150,529
|
$
|
119,914
|
Income tax (expense) recovery
|
|
|
(3,348)
|
|
2,262
|
Net earnings
|
|
$
|
147,181
|
$
|
122,176
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.42
|
$
|
0.35
|
Diluted earnings per share
|
|
$
|
0.41
|
$
|
0.34
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
|
|
|
|
Basic
|
|
|
353,529
|
|
352,898
|
Diluted
|
|
|
355,943
|
|
355,903
|
1) Equity settled stock based compensation (a non-cash
item) included in general and administrative expenses.
|
|
$
|
1,659
|
$
|
1,255
|
Consolidated Balance Sheets (unaudited)
|
|
|
March 31
|
December 31
|
(US dollars in thousands - unaudited)
|
2012
|
2011
|
Assets
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
997,489
|
$
|
840,201
|
Accounts receivable
|
|
|
6,217
|
|
3,890
|
Other
|
|
|
1,336
|
|
1,221
|
Total current assets
|
|
$
|
1,005,042
|
$
|
845,312
|
Non-current assets
|
|
|
|
|
|
Silver and gold interests
|
|
$
|
1,857,112
|
$
|
1,871,726
|
Long-term investments
|
|
|
141,589
|
|
151,621
|
Deferred income taxes
|
|
|
744
|
|
2,301
|
Other
|
|
|
1,352
|
|
1,375
|
Total non-current assets
|
|
$
|
2,000,797
|
$
|
2,027,023
|
Total assets
|
|
$
|
3,005,839
|
$
|
2,872,335
|
Liabilities
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
6,575
|
$
|
8,709
|
Dividends payable
|
|
|
31,829
|
|
-
|
Current portion of bank debt
|
|
|
28,560
|
|
28,560
|
Current portion of silver interest payments
|
|
|
132,989
|
|
130,789
|
Total current liabilities
|
|
$
|
199,953
|
$
|
168,058
|
Non-current liabilities
|
|
|
|
|
|
Long-term portion of bank debt
|
|
|
42,920
|
|
50,060
|
Total liabilities
|
|
$
|
242,873
|
$
|
218,118
|
Shareholders' equity
|
|
|
|
|
|
Issued capital
|
|
$
|
1,795,951
|
$
|
1,793,772
|
Reserves
|
|
|
16,640
|
|
25,422
|
Retained earnings
|
|
|
950,375
|
|
835,023
|
Total shareholders' equity
|
|
$
|
2,762,966
|
$
|
2,654,217
|
Total liabilities and shareholders' equity
|
|
$
|
3,005,839
|
$
|
2,872,335
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows (unaudited)
|
|
Three Months Ended
March 31
|
(US dollars in thousands - unaudited)
|
|
2012
|
2011
|
Operating activities
|
|
|
|
|
|
Net earnings
|
|
$
|
147,181
|
$
|
122,176
|
Adjustments for
|
|
|
|
|
|
Depreciation and depletion
|
|
|
17,267
|
|
11,754
|
Equity settled stock based compensation
|
|
|
1,659
|
|
1,255
|
Deferred income tax expense (recovery)
|
|
|
3,068
|
|
(2,519)
|
(Gain) loss on fair value adjustment of share purchase
warrants held
|
|
|
(675)
|
|
66
|
Investment income recognized in net earnings
|
|
|
(319)
|
|
(209)
|
Other
|
|
|
(98)
|
|
(133)
|
Change in non-cash operating working capital
|
|
|
(4,574)
|
|
(5,392)
|
Operating cash flows before interest income
|
|
$
|
163,509
|
$
|
126,998
|
Interest income received
|
|
|
302
|
|
198
|
Cash generated by operating activities
|
$
|
163,811
|
$
|
127,196
|
Financing activities
|
|
|
|
|
|
Bank debt repaid
|
|
$
|
(7,140)
|
$
|
(7,140)
|
Share purchase warrants exercised
|
|
|
10
|
|
61
|
Share purchase options exercised
|
|
|
924
|
|
4,395
|
Dividends paid
|
|
|
-
|
|
(10,595)
|
Cash applied to financing activities
|
$
|
(6,206)
|
$
|
(13,279)
|
Investing activities
|
|
|
|
|
|
Silver and gold interests
|
|
$
|
(180)
|
$
|
(2,542)
|
Silver and gold interests - interest paid
|
|
|
(215)
|
|
(315)
|
Dividend income received
|
|
|
17
|
|
11
|
Proceeds on disposal of long-term investments
|
|
|
-
|
|
24,270
|
Other
|
|
|
(20)
|
|
(8)
|
Cash (applied to) generated by investing activities
|
$
|
(398)
|
$
|
21,416
|
Effect of exchange rate changes on cash and cash
equivalents
|
$
|
81
|
$
|
106
|
Increase in cash and cash equivalents
|
$
|
157,288
|
$
|
135,439
|
Cash and cash equivalents, beginning of period
|
|
840,201
|
|
428,636
|
Cash and cash equivalents, end of period
|
$
|
997,489
|
$
|
564,075
|
Summary of Ounces Produced and Sold
|
2012
|
2011
|
2010
|
(in thousands)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Silver ounces produced 1
|
|
|
|
|
|
|
|
|
San Dimas 2
|
1,692
|
1,578
|
1,251
|
1,150
|
1,606
|
1,586
|
1,255
|
1,110
|
Zinkgruvan
|
642
|
390
|
379
|
414
|
508
|
428
|
508
|
478
|
Yauliyacu
|
550
|
583
|
608
|
674
|
683
|
651
|
633
|
692
|
Pe�asquito
|
1,365
|
1,633
|
1,162
|
1,282
|
1,207
|
1,260
|
1,109
|
866
|
Cozamin
|
405
|
433
|
395
|
414
|
325
|
335
|
381
|
286
|
Barrick 3
|
667
|
723
|
794
|
741
|
722
|
458
|
682
|
697
|
Other 4
|
1,288
|
1,389
|
1,272
|
1,153
|
1,088
|
1,245
|
1,069
|
1,240
|
|
6,609
|
6,729
|
5,861
|
5,828
|
6,139
|
5,963
|
5,637
|
5,369
|
Silver equivalent ounces of gold produced 5
|
|
|
|
|
|
|
|
|
Minto
|
107
|
202
|
257
|
261
|
97
|
205
|
402
|
522
|
Silver equivalent ounces produced
|
6,716
|
6,931
|
6,118
|
6,089
|
6,236
|
6,168
|
6,039
|
5,891
|
Silver ounces sold
|
|
|
|
|
|
|
|
|
San Dimas 2
|
1,701
|
1,488
|
1,232
|
1,149
|
1,748
|
1,438
|
1,274
|
1,076
|
Zinkgruvan
|
517
|
425
|
319
|
401
|
321
|
421
|
635
|
313
|
Yauliyacu
|
497
|
655
|
11
|
471
|
120
|
470
|
87
|
517
|
Pe�asquito
|
1,189
|
851
|
1,382
|
961
|
941
|
1,169
|
692
|
656
|
Cozamin
|
376
|
374
|
335
|
281
|
271
|
411
|
306
|
412
|
Barrick 3
|
656
|
755
|
747
|
726
|
680
|
482
|
533
|
727
|
Other 4
|
992
|
1,230
|
770
|
862
|
741
|
1,139
|
750
|
943
|
|
5,928
|
5,778
|
4,796
|
4,851
|
4,822
|
5,530
|
4,277
|
4,644
|
Silver equivalent ounces of gold sold 5
|
|
|
|
|
|
|
|
|
Minto
|
198
|
196
|
316
|
227
|
83
|
127
|
411
|
496
|
Silver equivalent ounces sold
|
6,126
|
5,974
|
5,112
|
5,078
|
4,905
|
5,657
|
4,688
|
5,140
|
Gold / silver ratio 5
|
51.2
|
51.9
|
50.4
|
40.1
|
33.0
|
49.7
|
57.7
|
65.4
|
Cumulative payable silver equivalent ounces produced but
not yet delivered 6
|
4,166
|
4,127
|
3,805
|
3,537
|
3,018
|
2,275
|
2,174
|
1,403
|
1)
|
Ounces produced represent the quantity of silver and gold
contained in concentrate or dor� prior to smelting or refining deductions.
Certain production figures are based on management estimates.
|
2)
|
Beginning in the third quarter of 2010, the ounces produced
and sold include ounces received from Goldcorp in connection with Goldcorp's
four year commitment to deliver to Silver Wheaton 1.5 million ounces of
silver per annum resulting from their sale of San Dimas to Primero.
|
3)
|
Comprised of the Lagunas Norte, Pierina and Veladero
silver interests.
|
4)
|
Comprised of the Los Filos, Mineral Park, Neves-Corvo,
Stratoni, Keno Hill, Minto, Aljustrel and Campo Morado silver interests in
addition to the previously owned La Negra and San Martin silver interests.
|
5)
|
Gold ounces produced and sold are converted to a silver
equivalent basis on the ratio of the average silver price received to the
average gold price received during the period from the assets that produce
both gold and silver.
|
6)
|
Based on management estimates.
|
Results of Operations (unaudited)
Three Months Ended March 31, 2012
|
|
Ounces
Produced 2
|
Ounces
Sold
|
Sales
(US$'s)
|
Average
Realized
Price
(US$'s
Per
Ounce)
|
Average
Cash Cost
(US$'s
Per
Ounce) 3
|
Average
Depletion
(US$'s
Per
Ounce)
|
Net
Earnings
(US$'s)
|
Cash Flow
From
Operations
(US$'s)
|
Total Assets
(US$'s)
|
Silver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Dimas 4
|
1,692
|
1,701
|
$
|
55,566
|
$
|
32.66
|
$
|
4.09
|
$
|
0.79
|
$
|
47,267
|
$
|
48,606
|
$
|
166,188
|
Zinkgruvan
|
642
|
517
|
|
16,938
|
|
32.73
|
|
4.14
|
|
1.68
|
|
13,927
|
|
13,495
|
|
56,771
|
Yauliyacu
|
550
|
497
|
|
15,586
|
|
31.36
|
|
4.02
|
|
5.02
|
|
11,094
|
|
13,588
|
|
227,518
|
Pe�asquito
|
1,365
|
1,189
|
|
38,760
|
|
32.61
|
|
3.99
|
|
2.96
|
|
30,500
|
|
34,018
|
|
501,455
|
Cozamin
|
405
|
376
|
|
12,609
|
|
33.58
|
|
4.08
|
|
4.05
|
|
9,557
|
|
10,139
|
|
23,595
|
Barrick 5
|
667
|
656
|
|
21,503
|
|
32.80
|
|
3.90
|
|
4.34
|
|
16,100
|
|
18,946
|
|
600,651
|
Other 6
|
1,288
|
992
|
|
32,200
|
|
32.44
|
|
3.95
|
|
3.99
|
|
24,320
|
|
27,051
|
|
247,933
|
|
6,609
|
5,928
|
$
|
193,162
|
$
|
32.58
|
$
|
4.02
|
$
|
2.79
|
$
|
152,765
|
$
|
165,843
|
$
|
1,824,111
|
Gold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minto
|
2,088
|
3,860
|
|
6,476
|
|
1,678
|
|
303
|
|
171
|
|
4,648
|
|
5,149
|
|
33,001
|
Silver equivalent 7
|
6,716
|
6,126
|
$
|
199,638
|
$
|
32.59
|
$
|
4.08
|
$
|
2.81
|
$
|
157,413
|
$
|
170,992
|
$
|
1,857,112
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
|
|
|
|
|
|
|
$
|
(7,564)
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
(2,668)
|
|
|
|
|
Total corporate
|
|
|
|
|
|
|
|
|
|
|
$
|
(10,232)
|
$
|
(7,181)
|
$
|
1,148,727
|
|
6,716
|
6,126
|
$
|
199,638
|
$
|
32.59
|
$
|
4.08
|
$
|
2.81
|
$
|
147,181
|
$
|
163,811
|
$
|
3,005,839
|
1)
|
All figures in thousands except gold ounces produced and
sold and per ounce amounts.
|
2)
|
Ounces produced represent the quantity of silver and gold
contained in concentrate or dor� prior to smelting or refining deductions.
Certain production figures are based on management estimates.
|
3)
|
Refer to discussion on non-IFRS measures at the end of
this press release.
|
4)
|
Results for San Dimas include 375,000 ounces received from
Goldcorp in connection with Goldcorp's four year commitment to deliver to
Silver Wheaton 1.5 million ounces of silver per annum resulting from their
sale of San Dimas to Primero.
|
5)
|
Comprised of the operating Lagunas Norte, Pierina and
Veladero silver interests in addition to the non-operating Pascua-Lama silver
interest.
|
6)
|
Comprised of the operating Los Filos, Keno Hill, Mineral
Park, Neves-Corvo, Stratoni, Campo Morado, Minto and Aljustrel silver
interests in addition to the non-operating Rosemont silver and gold interest
and Loma de La Plata silver interest.
|
7)
|
Gold ounces produced and sold are converted to a silver
equivalent basis on the ratio of the average silver price received to the
average gold price received during the period from the assets that produce
both gold and silver.
|
Three Months Ended March 31, 2011
|
|
Ounces
Produced 2
|
Ounces
Sold
|
Sales
(US$'s)
|
Average
Realized
Price
(US$'s
Per
Ounce)
|
Average
Cash Cost
(US$'s
Per
Ounce) 3
|
Average
Depletion
(US$'s
Per
Ounce)
|
Net
Earnings
(US$'s)
|
Cash Flow
From
Operations
(US$'s)
|
Total Assets
(US$'s)
|
Silver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Dimas 4
|
1,606
|
1,748
|
$
|
58,371
|
$
|
33.39
|
$
|
4.04
|
$
|
0.71
|
$
|
50,051
|
$
|
50,203
|
$
|
170,274
|
Zinkgruvan
|
508
|
321
|
|
11,049
|
|
34.41
|
|
4.08
|
|
1.69
|
|
9,195
|
|
9,606
|
|
59,578
|
Yauliyacu
|
683
|
120
|
|
3,523
|
|
29.36
|
|
3.98
|
|
5.02
|
|
2,443
|
|
3,045
|
|
235,718
|
Pe�asquito
|
1,207
|
941
|
|
27,020
|
|
28.72
|
|
3.90
|
|
2.41
|
|
21,085
|
|
23,351
|
|
512,664
|
Cozamin
|
325
|
271
|
|
8,651
|
|
31.87
|
|
4.04
|
|
4.62
|
|
6,299
|
|
7,776
|
|
29,694
|
Barrick 5
|
722
|
680
|
|
21,663
|
|
31.84
|
|
3.90
|
|
3.55
|
|
16,595
|
|
17,451
|
|
597,453
|
Other 6
|
1,088
|
741
|
|
24,027
|
|
32.44
|
|
3.93
|
|
3.95
|
|
18,186
|
|
20,184
|
|
264,138
|
|
6,139
|
4,822
|
$
|
154,304
|
$
|
32.00
|
$
|
3.98
|
$
|
2.33
|
$
|
123,854
|
$
|
131,616
|
$
|
1,869,519
|
Gold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minto
|
2,925
|
2,524
|
|
3,879
|
|
1,537
|
|
300
|
|
168
|
|
2,697
|
|
2,870
|
|
36,322
|
Silver equivalent 7
|
6,236
|
4,905
|
$
|
158,183
|
$
|
32.24
|
$
|
4.07
|
$
|
2.38
|
$
|
126,551
|
$
|
134,486
|
$
|
1,905,841
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
|
|
|
|
|
|
|
$
|
(6,501)
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
2,126
|
|
|
|
|
Total corporate
|
|
|
|
|
|
|
|
|
|
|
$
|
(4,375)
|
$
|
(7,290)
|
$
|
851,224
|
|
6,236
|
4,905
|
$
|
158,183
|
$
|
32.24
|
$
|
4.07
|
$
|
2.38
|
$
|
122,176
|
$
|
127,196
|
$
|
2,757,065
|
1)
|
All figures in thousands except gold ounces produced and
sold and per ounce amounts.
|
2)
|
Ounces produced represent the quantity of silver and gold
contained in concentrate or dor� prior to smelting or refining deductions.
Certain production figures are based on management estimates.
|
3)
|
Refer to discussion on non-IFRS measures at the end of
this press release.
|
4)
|
Results for San Dimas include 375,000 ounces received from
Goldcorp in connection with Goldcorp's four year commitment to deliver to
Silver Wheaton 1.5 million ounces of silver per annum resulting from their
sale of San Dimas to Primero.
|
5)
|
Comprised of the operating Lagunas Norte, Pierina and
Veladero silver interests in addition to the non-operating Pascua-Lama silver
interest.
|
6)
|
Comprised of the operating Los Filos, Keno Hill, Mineral
Park, Neves-Corvo, Stratoni, Campo Morado, Minto and Aljustrel silver
interests in addition to the non-operating Rosemont silver and gold interest
and Loma de La Plata silver interest.
|
7)
|
Gold ounces produced and sold are converted to a silver
equivalent basis on the ratio of the average silver price received to the
average gold price received during the period from the assets that produce
both gold and silver.
|
Non-IFRS Measures
Silver Wheaton has included, throughout this document,
certain non-IFRS performance measures, including (i) average cash costs of
silver and gold on a per ounce basis; (ii) operating cash flows per share
(basic and diluted); and (iii) cash operating margin.
i.
|
Average cash cost of silver and gold on a per ounce basis
is calculated by dividing the total cost of sales, less depletion, by the
ounces sold. In the precious metals mining industry, this is a common
performance measure but does not have any standardized meaning. The Company
believes that, in addition to conventional measures prepared in accordance
with IFRS, certain investors use this information to evaluate the Company's
performance and ability to generate cash flow.
|
ii.
|
Operating cash flow per share (basic and diluted) is
calculated by dividing cash generated by operating activities by the weighted
average number of shares outstanding (basic and diluted). The Company
presents operating cash flow per share as it believes that certain investors
use this information to evaluate the Company's performance in comparison to
other companies in the precious metals mining industry who present results on
a similar basis.
|
iii.
|
Cash operating margin is calculated by subtracting the
average cash cost of silver and gold on a per ounce basis from the average
realized selling price of silver and gold on a per ounce basis. The Company
presents cash operating margin as it believes that certain investors use this
information to evaluate the Company's performance in comparison to other
companies in the precious metals mining industry who present results on a
similar basis.
|
These non-IFRS measures do not have any standardized meaning
prescribed by IFRS, and other companies may calculate these measures
differently. The presentation of these non-IFRS measures is intended to provide
additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. For
more detailed information, please refer to pages 14 to 16 of Silver Wheaton's
Management Discussion and Analysis available on the Company's website at www.silverwheaton.com and posted on SEDAR
at www.sedar.com.
|
Silver Wheaton
|
|
PRODUCER |
CODE : SLW.TO |
ISIN : CA8283361076 |
CUSIP : 828336107 |
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Wheaton is based in Canada. Silver Wheaton produces silver, copper, gold, lead, silica and zinc in Canada, in Greece, in Mexico, in Peru, in Portugal and in Sweden, develops copper, gold, silver and zinc in Canada and in Chile, and holds various exploration projects in Argentina and in Portugal. Its main assets in production are ZINKGRUVAN in Sweden, KENO HILL (BELLEKENO) and MINTO MINE in Canada, SAN MARTIN - LUISMIN, PEÑASQUITO, LUISMIN and G-9 CAMPO MORADO in Mexico, YAULIYACU in Peru, STRATONI in Greece and NEVES-CORVO in Portugal, its main assets in development are PASCUA LAMA in Chile and KUTCHO CREEK in Canada and its main exploration properties are PROMOTORIO DURANGO and MONTOROS in Mexico, ALJUSTREL in Portugal and LOMA DE LA PLATA (NAVIDAD) in Argentina. Silver Wheaton is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 12.6 billions as of today (US$ 9.2 billions, € 8.4 billions). Its stock quote reached its lowest recent point on March 09, 2007 at CA$ 10.01, and its highest recent level on May 15, 2017 at CA$ 28.53. Silver Wheaton has 441 520 000 shares outstanding. |
In the News and Medias of Silver Wheaton |
Annual reports of Silver Wheaton |
Financings of Silver Wheaton |
Option Grants of Silver Wheaton |
Nominations of Silver Wheaton |
Financials of Silver Wheaton |
![](../style/fr/img/pixel_blanc.gif) |
Project news of Silver Wheaton |
![](../style/fr/img/pixel_blanc.gif) |
Corporate news of Silver Wheaton |
4/1/2017 | Silver Wheaton Provides Details of Annual and Special Meetin... |
5/9/2016 | Silver Wheaton Declares Second Quarterly Dividend Payment fo... |
5/9/2016 | Silver Wheaton Announces Solid Start To 2016 |
1/29/2016 | Jason Hamlin Says Gold Is Unstoppable, With Miners Leading T... |
1/29/2016 | Sprott's Silver Call To Arms Takes Page From Saudi Oil Playb... |
1/29/2016 | David Morgan: A Bull’s Case For Silver |
1/28/2016 | Gold and Silver Rose before the Fed’s Meeting |
1/28/2016 | Silver Wheaton announces Early Deposit Precious Metals strea... |
1/28/2016 | Panoro Announces US$ 140 Million Precious Metals Streaming F... |
1/25/2016 | How Silver Mining Companies Are Performing |
1/20/2016 | CRA to commence audit on Silver Wheaton's 2011-2013 taxation... |
1/20/2016 | Silver Wheaton provides update on CRA dispute |
1/19/2016 | Plunge in US Stock Market Increases Demand for Safe Havens |
1/8/2016 | 2 Top RBC Gold Stock Picks for Investors Worried About a Cra... |
1/4/2016 | Silver Was Treading Water as 2015 Came to an End |
12/31/2015 | Silver Swings Up and Down after the Fed Meeting |
12/29/2015 | Silver Followed Gold’s Losses in 2015 |
12/28/2015 | How Silver Prices Are Influencing Major Silver Miners |
12/23/2015 | Traders look for rally in Silver Wheaton |
12/21/2015 | Precious Metals Alternate between Gains and Losses |
12/18/2015 | Silver Erased Its Gains from December 16 |
12/17/2015 | Could Gradual Hike Result in Gradual Loss for Precious Metal... |
12/16/2015 | Where Is the Gold-Silver Spread Headed? |
12/2/2015 | Veteran Investors Bob Moriarty and Adrian Day Interviewed by... |
12/2/2015 | Do Hedge Funds Love Silver Wheaton Corp. (USA) (SLW)? |
12/1/2015 | What Does Money Managers’ Positioning Tell You about Gold Pr... |
11/30/2015 | Gold Falls to Lowest Level since 2010 |
11/30/2015 | Is Live Nation Entertainment, Inc. (LYV) A Good Stock To Buy... |
11/24/2015 | Is People’s United Financial, Inc. (PBCT) Going to Burn Thes... |
11/5/2015 | Silver Lost Its Shine: Will It Impact Hedge Funds? |
11/4/2015 | Edited Transcript of SLW.TO earnings conference call or pres... |
11/3/2015 | Silver Wheaton reports 3Q loss |
11/3/2015 | Silver Wheaton Declares Fourth Quarterly Dividend Payment fo... |
11/3/2015 | Another Record Quarter of Silver Equivalent Production and S... |
10/28/2015 | Key for Investors: Is the Demand for Silver Growing? |
10/27/2015 | Time To Buy Silver Wheaton, Says Barclays |
10/23/2015 | Is Gold Recovering from the July Rout? |
10/21/2015 | Silver Mining ETFs Head to Head: SLVP vs. SIL |
10/20/2015 | How Has a Drop in Prices Affected Silver Investments? |
10/14/2015 | Assessing Silver and Gold in 2015 |
10/13/2015 | A Silver Lining in October 2015? |
10/13/2015 | A Closer Look at Gold’s Three-Month High on October 12 |
10/12/2015 | Dovish Fed Minutes Pushed Gold Lower |
10/7/2015 | Precious Metal Mining ETFs Head to Head: GDX vs. SIL |
10/7/2015 | Silver Reaches $16 Mark—What Lies Ahead? |
10/1/2015 | Silver Remains Bearish Owing to a Global Market Slump |
9/25/2015 | Silver Wheaton gets reassessment notices from Canada tax aut... |
9/18/2015 | Silver Wheaton Receives TSX Approval for a Normal Course Iss... |
9/14/2015 | Silver Wheaton Announces Initiation of Normal Course Issuer ... |
9/14/2015 | Silver Supply Is Not Unlimited |
9/14/2015 | Top Analyst Upgrades and Downgrades: AeroVironment, Gold Fie... |
9/1/2015 | ETF Investors Remained Net Sellers of Platinum and Palladium |
8/25/2015 | Gold Is Resilient until Further Direction from Global Market... |
8/17/2015 | After a Month of Crippling Losses, Silver Rises—Why? |
8/13/2015 | Silver Wheaton Faces Low Silver Price, Tax Inquiry |
8/12/2015 | Edited Transcript of SLW.TO earnings conference call or pres... |
8/11/2015 | Silver Wheaton to Release 2015 Second Quarter Results on Aug... |
8/11/2015 | Silver Wheaton meets 2Q profit forecasts |
8/11/2015 | Silver Wheaton profit falls about 15 pct |
8/11/2015 | Platinum Prices Fall as Investors and Miners Await Key Data |
8/10/2015 | What to Watch in the Day Ahead - Tuesday, Aug. 11 |
8/7/2015 | What to Watch in the Week Ahead and on Monday, Aug. 10 |
7/9/2015 | Bay Street Analysts Still Like Silver Wheaton |
7/7/2015 | Canada's Silver Wheaton gets CRA proposal to reassess income... |
7/6/2015 | ETF Holdings of Precious Metals Are Strong and Steady |
5/26/2015 | Hedge Funds Pulling Back From The Mining Industry ~ See Thei... |
5/8/2015 | Low Commodity Prices Upend Silver Wheaton Profits |
4/27/2015 | Silver Wheaton Announces Filing of Preliminary Base Shelf Pr... |
4/22/2015 | Notable option activity in equities |
4/9/2015 | to release 2015 first quarter results on May 7, 2015 |
4/3/2015 | Vale’s Gold Stream Agreement with Silver Wheaton Seems Posit... |
4/1/2015 | 10 Commodities Investments to Rev Up Your Portfolio |
3/18/2015 | Silver Wheaton misses 4Q profit forecasts |
3/10/2015 | Silver Wheaton announces US$800 million bought deal financin... |
3/10/2015 | Silver Wheaton Acquires Additional Gold Stream From Vale's S... |
3/10/2015 | Silver Wheaton Announces Amendment to Credit Facility |
3/4/2015 | PRESS DIGEST- Canada- March 4 |
3/3/2015 | Canada Stocks to Watch: BlackBerry, Scotiabank, Silver Wheat... |
3/3/2015 | IIROC Trade Resumption - SLW |
1/5/2015 | Canada Stocks to Watch: Silver Wheaton, Barrick, Energy Fuel... |
4/8/2014 | to Release 2014 First Quarter Results on May 8, 2014 |
1/22/2014 | Silver Wheaton to Release 2013 Fourth Quarter and Full Year ... |
11/11/2013 | Silver Wheaton declares fourth quarterly dividend payment fo... |
11/11/2013 | Silver Wheaton Reports Record Production for the Third Quart... |
10/31/2013 | Silver Wheaton provides update on Pascua-Lama and extends Ba... |
10/16/2013 | Silver Wheaton to Release 2013 Third Quarter Results on Nove... |
8/14/2013 | Silver Wheaton reports record second quarter and first half ... |
8/14/2013 | declares third quarterly dividend payment for 2013 |
7/1/2013 | provides update on Pascua-Lama |
5/29/2013 | Silver Wheaton announces US$1 billion term credit facility |
5/24/2013 | Barrick provides update on Pascua-Lama |
5/11/2013 | Silver Wheaton amends dividend policy and declares second qu... |
4/12/2013 | to release 2013 first quarter results on May 10, 2013 |
4/2/2013 | Silver Wheaton Provides Details of Annual Meeting of Shareho... |
4/2/2013 | Provides Details of Annual Meeting of Shareholders and Files... |
3/22/2013 | Silver Wheaton declares first quarterly dividend payment for... |
3/19/2013 | Silver Wheaton reports over 1 billion ounces of attributable... |
2/5/2013 | Silver Wheaton acquires gold streams from Vale's Salobo and ... |
1/16/2013 | to release 2012 fourth quarter and full year results on Marc... |
10/3/2012 | to release third quarter 2012 results on November 5th |
8/10/2012 | Silver Wheaton Declares Third Quarterly Dividend Payment for... |
8/10/2012 | Silver Wheaton Reports Record Quarterly Financial Results In... |
5/14/2012 | Silver Wheaton declares second quarterly dividend payment fo... |
10/6/2011 | To Release Third Quarter 2011 Results On November 9th |
7/28/2011 | Revises 2011 Attributable Production Guidance |
5/5/2011 | - 2011 First Quarter Results Conference Call and Webcast
... |
4/8/2011 | TO RELEASE FIRST QUARTER 2011 RESULTS ON MAY 9th |
8/6/2010 | finalizes amended silver purchase agreement in conjunction w... |
6/2/2010 | announces amended silver |
5/17/2010 | acquires right of first refusal on silver streams from Venta... |
4/1/2010 | files 2009 audited financial statements and provides details... |
3/5/2010 | reports record financial and operating results for 2009 |
3/1/2010 | reports record attributable reserves and resources in 2009 |
2/11/2010 | acquires life of mine silver and gold production from August... |
9/22/2009 | closes acquisition of silver production from Barrick Gold Co... |
9/8/2009 | Acquires 25% of Life of Mine Silver Production fromBarrick?... |
5/21/2009 | Acquisition of Silverstone Resources Corp. |
5/20/2009 | Approve Proposed Acquisition by Silver Wheaton |
12/9/2008 | ANNOUNCES ADOPTION OF SHAREHOLDER RIGHTS PLAN |
7/30/2008 | REPORTS EARNINGS OF US$23 MILLION AND RECORD OPERATING CASH ... |
4/3/2008 | MORE THAN TRIPLES BOTH SILVER RESERVES AND MEASURED AND INDI... |
3/17/2008 | Acquires Life of Mine Silver Production From Mercator Miner... |
2/25/2008 | Reports Record Annual Earnings and Operating Cash Flows |
2/14/2008 | GOLDCORP COMPLETES SALE OF ITS 48% INTEREST IN SILVER WHEATO... |
2/1/2008 | GOLDCORP ANNOUNCES SECONDARY OFFERING OF ITS ENTIRE 48% INTE... |
1/31/2008 | Recommends Rejection of Mini-Tender Offer by TRC Capital Co... |
12/20/2007 | Signs Binding Letter Agreement To Acquire Future Silver Pro... |
12/3/2007 | Goldcorp Updates Peñasquito and Luismin Silver Production E |
11/5/2007 | Acquires 11% Interest in Mines Management and Right of First... |
10/31/2007 | Reports Q3 Earnings Of Us$19 Million And Operating Cash Flo... |
6/25/2007 | Announces 50% Increase in Proven and Probable |
4/16/2007 | Acquire 25% Of Life Of Mine Silver Product |
3/30/2007 | Santa Rosa Silver Update-Assays to +1,500 g/t Silver; Phase ... |
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