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Silver Wheaton

Publié le 15 mai 2012

Silver Wheaton Reports a Strong Start to 2012 with Record Quarterly Revenues of US$200 Million

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Mots clés associés :   Precious Metals | Primero |


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

PRODUCTEUR
CODE : SLW.TO
ISIN : CA8283361076
CUSIP : 828336107
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Silver Wheaton est une société basée au Canada.

Silver Wheaton est productrice d'argent, de cuivre, d'or, de plomb, de silica et de zinc au Canada, au Mexique, au Perou, au Portugal, en Grece et en Suede, en développement de projets d'argent, de cuivre, d'or et de zinc au Canada et au Chili, et détient divers projets d'exploration au Portugal et en Argentine.

Ses principaux projets en production sont ZINKGRUVAN en Suede, KENO HILL (BELLEKENO) et MINTO MINE au Canada, SAN MARTIN - LUISMIN, PEÑASQUITO, LUISMIN et G-9 CAMPO MORADO au Mexique, YAULIYACU au Perou, STRATONI en Grece et NEVES-CORVO au Portugal, ses principaux projets en développement sont PASCUA LAMA au Chili et KUTCHO CREEK au Canada et ses principaux projets en exploration sont PROMOTORIO DURANGO et MONTOROS au Mexique, ALJUSTREL au Portugal et LOMA DE LA PLATA (NAVIDAD) en Argentine.

Silver Wheaton est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 12,6 milliards CA$ (9,2 milliards US$, 8,4 milliards €).

La valeur de son action a atteint son plus bas niveau récent le 09 mars 2007 à 10,01 CA$, et son plus haut niveau récent le 15 mai 2017 à 28,53 CA$.

Silver Wheaton possède 441 520 000 actions en circulation.

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Dans les médias de Silver Wheaton
28/07/2011Silver Wheaton Revises 2011 Attributable Production Guidance
29/04/2011Eye on Silver Wheaton
26/03/2011Completed Correction for Silver Wheaton (SLW) ?
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Rapports annuels de Silver Wheaton
2010 annual report
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Rapports Financiers de Silver Wheaton
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TORONTO (SLW.TO)NYSE (SLW)
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TORONTO
CA$ 28,53
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 -  -
52 sem. b/h var. 52 sem.
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Volume var. 1 mois
927 449 -%
24hGold TrendPower© : 2
Produit Copper - Gold - Lead - Silver - Zinc
Développe Copper - Gold - Silver - Zinc
Recherche Gold - Silver
 
 
 
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