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Silver Wheaton Corp. Message Board

  • huss_lure huss_lure Mar 20, 2014 5:42 PM Flag

    SILVER WHEATON REPORTS FIFTH CONSECUTIVE YEAR OF

    FOURTH QUARTER HIGHLIGHTS
    • Record attributable silver equivalent production for the three months ended December 31, 2013 of 9.7 million ounces (7.3 million ounces of silver and 40,700 ounces of gold), compared to 8.3 million ounces in Q4 2012, representing an increase of 17%.
    • Attributable silver equivalent sales volume for the three months ended December 31, 2013 of 8.0 million ounces (6.1 million ounces of silver and 31,200 ounces of gold), compared to 9.1 million ounces in Q4 2012, representing a decrease of 13%.
    • Revenues of $167.4 million compared with $287.2 million in Q4 2012, representing a decrease of 42%.
    • Average realized sale price per silver equivalent ounce sold for the three months ended December 31, 2013 of $21.00 ($21.03 per ounce of silver and $1,277 per ounce of gold), representing a decrease of 33% as compared to Q4 2012.
    • Net earnings of $93.9 million ($0.26 per share) compared with $177.7 million ($0.50 per share) in Q4 2012, representing a decrease of 47%.
    • Operating cash flows of $124.6 million ($0.35 per share¹) compared with $254.0 million ($0.72 per share¹) in Q4 2012, representing a decrease of 51%.
    • Cash operating margin¹ of $16.30 per silver equivalent ounce compared with $26.76 in Q4 2012. 1
    • Average cash costs¹ were $4.14 and $394 per ounce of silver and gold, respectively. On a silver equivalent basis, average cash costs¹ were $4.70, virtually unchanged from Q4 2012.
     Declared quarterly dividend of $0.07 per common share as the result of the Company’s dividend policy whereby the quarterly dividend per share is equal to 20% of the average cash generated by operating activities in the previous four quarters divided by the Company’s outstanding common shares at the time the dividend is approved.
     On October 31, 2013, the Company announced that, as a result of Barrick Gold Corp.’s (“Barrick”) decision to temporarily suspend construction activities at Pascua-Lama, the Company has amended its silver purchase agreement with Barrick to extend the outside completion test deadline by an additional year until December 31, 2017 in exchange for extending Silver Wheaton’s entitlement to the silver production from three of Barrick’s other mines by one year to December 31, 2016.
     On November 4, 2013, the Company announced that it had amended its precious metal purchase agreement with Hudbay Minerals Inc. (“Hudbay”) to include an amount equal to 50% of the life of mine gold production from its Constancia project.
     On November 11, 2013, the Company announced that it had entered into an Early Deposit Gold Stream Agreement to acquire from Sandspring Resources Ltd.
    1 Please refer to non-IFRS measures at the end of this press release.

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