Wheaton loads up in silver in Q1

Wheaton Precious Metals (TSE:WPM) said today attributable gold equivalent production was over 180,000 ounces in the first quarter partially driven by record attributable silver production at Peñasquito.

Silver ounces produced was at 6.7 million ounces, up 18.5% from the same period a year ago.

Revenue was $255 million in the first quarter of 2020 representing a 13% increase from the first quarter of 2019 due primarily to an 18% increase in the average realized gold equivalent price; partially offset by a 4% decrease in the number of gold equivalent ounces sold.

Over $177 million in operating cash flow was generated in the quarter, an increase of over 50%.

Net debt was reduced by $182 million with Wheaton ending the first quarter in a net debt position of $589 million.

The company declared a quarterly dividend of $0.10 per common share.

Wheaton said its outlook is currently withdrawn.

"This pandemic is evolving rapidly and its effects are uncertain," wrote the company.

Last month the company announced a $5 million fund to aid communities affected by COVID-19.

 

By Kitco News

For Kitco News

David