Silver Wheaton Reports Record Attributable Production in the Second Quarter
30 Juli 2009 - 11:50PM
PR Newswire (US)
TSX: SLW NYSE: SLW VANCOUVER, July 30 /PRNewswire-FirstCall/ --
Silver Wheaton Corp. (TSX, NYSE:SLW) today announced its unaudited
results for the second quarter ended June 30, 2009. SECOND QUARTER
HIGHLIGHTS
-------------------------------------------------------------------------
- Record attributable production of 4.0 million silver equivalent
ounces (3.8 million ounces of silver and 3,400 ounces of gold) at a
total cash cost of US$3.99(1) per silver ounce. - During the
quarter, approximately 1 million silver equivalent ounces produced
at the various mines and deliverable to Silver Wheaton under the
agreements, was not sold due primarily to the timing of shipments.
It is anticipated that these sales will be made by the mines during
the remainder of 2009, at which time Silver Wheaton will take
delivery and record a sale of the ounces. - Net earnings of US$18.4
million (US$0.06 per share) from the sale of 2.9 million ounces of
silver, compared to US$23.3 million (US$0.10 per share) from the
sale of 2.9 million ounces of silver in 2008. - Operating cash
flows of US$26.5 million (US$0.09 per share) compared to US$35.9
million (US$0.16 per share) in 2008. - Closed the acquisition of
Silverstone Resources Corp. ("Silverstone") through the issuance of
23,434,332 common shares and 1,367,364 share purchase options of
Silver Wheaton on conversion of previously issued fully vested
share purchase options of Silverstone. The transaction was valued
at approximately US$152 million and increased annual sales by over
4 million silver equivalent ounces. - On July 13, 2009, Goldcorp
Inc. announced that construction of the first sulphide process line
at their Penasquito mine in Mexico is now complete and
commissioning work is advancing on schedule. Production and
shipment of first concentrates, including silver, are still
targeted for the second half of 2009. 1. Refer to discussion on
non-GAAP measures at the end of this press release "I am very
pleased with our performance during the second quarter," said Peter
Barnes, President and Chief Executive Officer of Silver Wheaton.
"Despite continued challenges in the global economy, Silver Wheaton
is proud to have achieved record attributable production during the
quarter and we remain on target to meet our 2009 sales guidance of
17 to 19 million silver equivalent ounces for the year. Although
our partners produced approximately 1 million silver equivalent
ounces more during the quarter than we sold, this is only a timing
issue and we anticipate these sales will be recorded during the
second half of the year." "In May, we closed the Silverstone acqu
Copyright