5th Nov 2021 12:50
(Alliance News) - Wheaton Precious Metals Corp on Friday narrowed its full-year production guidance and reported record revenue and a surge in profit in the first nine months of 2021.
The Vancouver-based precious metals streaming company generated revenue of USD269.0 million in the third quarter of 2021, which is a 13% decrease from USD307.3 million the same period a year before.
Net profit in the three months to September 30 dropped 10% to USD134.9 million from USD149.9 million.
Gold produced in the quarter fell 5.0% to 85,941 ounces from 90,500 ounces year before. Gold equivalent ounces produced increased 2.1% to 184,918 ounces from 181,184 ounces - due to the start of cobalt production.
Gold equivalent ounces sold in the quarter dropped 8.5% to 152,432 ounces from 166,611.
However, for the first nine months of 2021, Wheaton reported record revenue of USD923.5 million, up 88% from USD810.0 million a year ago. Net earnings improved 32% to USD463.1 million from USD350.6 million.
Wheaton declared a quarterly dividend of 15 US cents, up 25% from a year before.
"Wheaton's diversified portfolio of high-quality, long-life assets continues to deliver strong results, including record revenue, earnings and cash flow in the first nine months of 2021,"President & Chief Executive Andy Smallwood said.
For 2021, Wheaton is now guiding for gold equivalent ounces between 735,000 to 765,000 ounces, narrowed from previous forecasts of 720,000 to 780,000 ounces. The lower outlook is due to an expected drop in gold production from previous estimates.
The miner is now guiding for gold production between 330,000 to 345,000 ounces from 370,000 to 400,000 ounces previously.
The company estimates that within a five-year period ending in 2025 its production will amount to 810,000 gold equivalent ounces. Further, it estimates a production amount of 830,000 gold equivalent ounces within a ten-year period ending in 2030.
Shares were untraded in London on Friday, last quoted at 2,982.40 pence.
By Abby Amoakuh; [email protected]
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