Silver Wheaton Corp. (SLW.TO, SLW), which has slipped in U.S.
premarket trade, Friday announced its unaudited results for the
first quarter ended March 31, 2013. Net earnings of US$133.4
million ($0.38 per share) compared to $147.2 million ($0.42 per
share) in Q1 2012, representing a decrease of 9%. Operating cash
flows of $165.6 million ($0.47 a share) compared to $163.8 million
($0.46 a share) in Q1 2012, representing an increase of 1%. It
declared quarterly dividend of $0.12 per common share as the result
of an amended dividend policy whereby the quarterly dividend will
be equal to 20% of the average of the previous four quarters'
operating cash flow, with a gradual implementation.
FIRST QUARTER HIGHLIGHTS:
Attributable silver equivalent production of 8.0 million ounces
(6.3 million ounces of silver and 32,200 ounces of gold) compared
to 6.7 million ounces in Q1 2012, representing an increase of
Silver equivalent sales of 6.9 million ounces (6.0 million
ounces of silver and 16,900 ounces of gold) compared to 6.1 million
ounces in Q1 2012, representing an increase of 13%.
Revenues of $205.8 million compared to $199.6 million in Q1
2012, representing an increase of 3%.
Cash operating margin for the three months ended March 31, 2013
of $25.33 per silver equivalent ounce compared to $28.51 in Q1
Average cash costs rose to $4.39 per silver equivalent ounce
compared with $4.08 in Q1 2012.
On February 28, 2013, the company announced that it had entered
into definitive agreements to acquire from Vale S.A. an amount of
gold equal to 25% of the life of mine gold production from its
Brazilian Salobo mine, as well as 70% of the gold production, for a
20 year term, from certain of its Canadian Sudbury mines.
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