Wheaton Precious Metals Announces First Quarter Results for 2019 and Declares Second Quarterly Dividend of 2019

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Algemeen advies 09/05/2019 06:03
VANCOUVER, May 8, 2019 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce its results for the first quarter ended March 31, 2019. All figures are presented in United States dollars unless otherwise noted.

In the first quarter of 2019, Wheaton generated almost $120 million in operating cash flow, driven by record gold sales volumes.

Operational Overview
Q1 2019 Q1 2018 Change Ounces produced
Gold 93,585 76,691 22.0 %
Silver 5,614 7,414 (24.3)%
Palladium 4,729 - n.a.

Ounces sold
Gold 115,020 69,973 64.4 %
Silver 4,294 6,343 (32.3)%
Palladium 5,189 - n.a.

Sales price per ounce
Gold $ 1,308 $ 1,330 (1.7)%
Silver $ 15.64 $ 16.73 (6.5)%
Palladium $ 1,443 $ n.a. n.a.
Cash costs per ounce 1
Gold 1 $ 417 $ 399 4.5 %
Silver 1 $ 4.64 $ 4.49 3.3 %
Palladium 1 $ 254 $ n.a. n.a.

Cash operating margin per ounce 1
Gold 1 $ 891 $ 931 (4.3)%
Silver 1 $ 11.00 $ 12.24 (10.1)%
Palladium 1 $ 1,189 $ n.a. n.a.
Revenue $ 225,049 $ 199,252 12.9 %
Net earnings (loss) $ 57,349 $ 68,123 (15.8)%
Per share $ 0.13 $ 0.15 (13.3)%
Adjusted net earnings 1 $ 56,540 $ 69,563 (18.7)%
Per share 1 $ 0.13 $ 0.16 (19.0)%

Operating cash flows $ 118,194 $ 125,340 (5.7)%
Per share 1 $ 0.27 $ 0.28 (3.6)%
Dividends declared 1 $ 40,074 $ 39,851 0.6 %
Per share $ 0.09 $ 0.09 0.0 %

All amounts in thousands except gold and palladium ounces produced and sold, per ounce amounts and per share amounts.

Highlights
•The increase in attributable gold production was primarily due to the commencement of the San Dimas gold stream effective May 10, 2018, and the Stillwater precious metals stream effective July 1, 2018, as well as higher production at Sudbury.


•The decrease in attributable silver production was primarily due to the termination of the San Dimas silver stream effective May 10, 2018, and all deliveries from the Lagunas Norte, Veladero and Pierina mines ceasing effective March 31, 2018, in accordance with the Pascua-Lama precious metals purchase agreement ("Pascua-Lama PMPA").


•The increase in gold sales was due to the higher production levels coupled with positive changes in the balance of payable gold produced but not yet delivered to Wheaton.


•The decrease in silver sales volume was due to the lower production levels coupled with negative changes in the balance of payable silver produced but not yet delivered to Wheaton.


•Declared quarterly dividend of $0.09 per common share in accordance with Wheaton's setting of a minimum quarterly dividend of $0.09 per common share for the duration of 2019, subject to the discretion of the Board of Directors.


•Hudbay Minerals Inc. ("Hudbay") announced its receipt of the approved Mine Plan of Operations ("MPO") for the Rosemont project from the U.S. Forest Service on March 19, 2019. Hudbay subsequently indicated that it plans to move ahead with an early works program and financing activities in parallel in 2019 with the intent of achieving first production by the end of 2022.


"Wheaton's core assets delivered strong results in the first quarter of 2019 with gold sales exceeding 115,000 ounces—the most gold we have ever sold in a single quarter," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "In addition, we also saw one of our key growth projects move forward with Hudbay announcing the conclusion of the permitting process at Rosemont and their intent to begin early development work later this year. Hudbay indicated first production could commence as early as 2022, and we look forward to Rosemont contributing to our future growth profile."

Financial Review

Revenues
Revenue was $225 million in the first quarter of 2019, on sales volume of 115,000 ounces of gold, 4.3 million ounces of silver and 5,200 ounces of palladium. This represents a 13% increase from the $199 million of revenue generated in the first quarter of 2018 due primarily to (i) a 64% increase in the number of gold ounces sold; and (ii) the introduction of palladium sales effective Q3 2018, partially offset by (iii) a 32% decrease in the number of silver ounces sold, (iv) a 7% decrease in the average realized silver price ($15.64 in Q1 2019 compared with $16.73 in Q1 2018); and (v) a 2% decrease in the average realized gold price ($1,308 in Q1 2019 compared with $1,330 in Q1 2018).

Costs and Expenses
Average cash costs¹ in the first quarter of 2019 were $417 per gold ounce sold, $4.64 per silver ounce sold and $254 per palladium ounce sold, as compared with $399 per gold ounce and $4.49 per silver ounce during the comparable period of 2018. This resulted in a cash operating margin¹ of $891 per gold ounce sold, $11.00 per silver ounce sold and $1,189 per palladium ounce sold, a reduction of 4% and 10% for gold and silver, respectively, as compared with Q1 2018. The decrease in the cash operating margin was primarily due to a 2% decrease in the average realized gold price and a 7% decrease in the average realized silver price in Q1 2019 compared with Q1 2018.

Earnings and Operating Cash Flows
Adjusted net earnings¹ and cash flow from operations in the first quarter of 2019 were $57 million ($0.13 per share) and $118 million ($0.27 per share¹), compared with adjusted net earnings¹ of $70 million ($0.16 per share) and cash flow from operations of $125 million ($0.28 per share¹) for the same period in 2018, a decrease of 19% and 6%, respectively.

Balance Sheet
At March 31, 2019, the Company had approximately $126 million of cash on hand and $1.2 billion outstanding under the Company's $2 billion revolving term loan (the "Revolving Facility"). The average effective interest rate for the first quarter of 2019 was 4.28%.

First Quarter Asset Highlights

During the first quarter of 2019 attributable production was 93,600 ounces of gold, 5.6 million ounces of silver and 4,700 ounces of palladium, representing an increase of 22% and a decrease of 24% for gold and silver, respectively, as compared with the first quarter of 2018.

Operational highlights for the quarter ended March 31, 2019, are as follows:

Salobo
In the first quarter of 2019, Salobo produced 60,800 ounces of attributable gold, in line with the first quarter of 2018 as lower throughput and grades were offset by higher recoveries. Sales of 84,160 ounces of gold in the first quarter of 2019 were higher than production as a result of a significant draw down of produced but not yet delivered ounces.

Peñasquito
In the first quarter of 2019, Peñasquito produced 1.6 million ounces of attributable silver, an increase of approximately 10% relative to the first quarter of 2018 primarily due to higher grades partially offset by lower throughput and recovery as higher than expected ore hardness impacted mill performance in the quarter. Following the start of commercial production on December 31, 2018, the Pyrite Leach Project was operated successfully through the quarter.

In April 2019, Newmont Mining Corporation and Goldcorp Inc. merged to form Newmont Goldcorp Corporation ("Newmont Goldcorp"). Newmont Goldcorp has highlighted their expected future improvements are focused on increasing mill throughput and improving plant reliability at Peñasquito.

Subsequent to the quarter, on April 29, 2019, Newmont Goldcorp announced that it intended to temporarily suspend operations at the Peñasquito mine pending resolution of an illegal blockade.

Antamina
In the first quarter of 2019, Antamina produced 1.2 million ounces of attributable silver, a decrease of approximately 10% relative to the first quarter of 2018 as expected due to mine sequencing in the open pit and lower mill throughput as a result of the timing of maintenance.

San Dimas
In the first quarter of 2019, San Dimas produced 10,300 ounces of attributable gold. According to First Majestic Silver Corp.'s ("First Majestic") first quarter of 2019 production report, the San Dimas mill processed a total of 163,264 tonnes with average silver and gold grades of 287 g/t and 4.18 g/t, respectively. According to First Majestic, silver and gold grades improved 10% and 8%, respectively, compared to the prior quarter due to higher grades in the Victoria and Jessica areas along with improvements in mine dilution controls.

Sudbury
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