Wheaton Precious Metals hikes dividend
Despite the Covid-19 pandemic, metals streaming company Wheaton Precious Metals had a productive 2020, delivering value back to its stakeholders, president and CEO Randy Smallwood reported on Thursday, announcing record yearly revenue and operating cash flow.
The TSX- and NYSE-listed company, which also made its debut on the London bourse in 2020, generated more than $1-billion in revenue and $765-million in operating cash flow.
Revenues increased by 27% from 2019, mainly owing to a 28% increase in the average realised gold-equivalent price.
“. . . we were successful in delivering value back to stakeholders on many fronts,” Smallwood reported, citing two new precious metal streams, an expanded shareholder base by listing on the LSE and additional funding to communities impacted by the pandemic.
Given the strong performance of its production base, Wheaton would provide greater value back to its shareholders in 2021, and announced that the minimum quarterly dividend would increase more than 30% relative to last year.
The board declared a first quarter cash dividend of $0.13 a share.
To minimise volatility in quarterly dividends, the company has set a minimum quarterly dividend of $0.13 a common share for the duration of 2021.
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