Silver Wheaton narrows Q4 profit as low prices weigh
TORONTO (miningweekly.com) – The world’s largest precious metals streaming firm Silver Wheaton on Thursday reported net earnings for the three months ended December 31 of $93.9-million, or $0.26 a share, down 47% when compared with $177.7-million, or $0.50 a share, in the same quarter of 2012.
The Vancouver-based company said that the average realised sale price for each silver equivalent ounce sold fell 33% year-on-year to $21/oz. Silver sold for an average price of $21.03/oz and gold realised an average of $1 277/oz.
Revenues sagged 42% to $167.4-million year-over-year, compared with $287.2-million, despite record output and growing sales.
The firm’s attributable silver equivalent sales volume for the three months was eight-million ounces, comprising 6.1-million ounces of silver and 31 200 oz of gold, compared with 9.1-million silver equivalent ounces in the comparable quarter of 2012, representing a decrease of 13%.
Silver Wheaton reported record attributable silver equivalent output of 9.7-million ounces, comprising 7.3-million ounces of silver and 40 700 oz of gold - 17% higher when compared with the attributable output of 8.3-million ounces a year earlier.
Average cash costs were $4.14/oz of silver and $394/oz of gold. On a silver equivalent basis, average cash costs were $4.70/oz, virtually unchanged from the fourth quarter of 2012.
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