13th Aug 2021 09:45
(Alliance News) - Wheaton Precious Metals Corp late on Thursday maintained its full-year production guidance after reporting surges in revenue and profit in the second quarter.
The Vancouver-based company, which joined the London Stock Exchange in October 2020 in addition to listings in New York and Toronto, invests in precious metal mining through royalty and streaming deals.
Wheaton made revenue of USD330.4 million in the second quarter of 2021, up 33% year-on-year from USD248.0 million. Pretax profit rose 64% to USD165.2 million from USD101.0 million.
Production attributable to Wheaton's investments rose 32% to 194,140 gold equivalent ounces, up from 146,857 ounces.
The company declared a quarterly dividend of 15 cents per share, the fourth consecutive quarterly increase and up from 10 cents per share a year ago.
Shares were down 3.3% to 3,065.00 pence in London on Friday morning, on thin volume.
"Wheaton once again delivered strong results in the second quarter and remains well on track to achieve 2021 guidance of 720,000 to 780,000 gold equivalent ounces," Chief Executive Randy Smallwood said.
The company also announced a precious metals purchase agreement with Rio2 Ltd for the Fenix Gold project in Chile. Under the deal, Wheaton will get 6% of gold production up to 90,000 ounces, 4% up to 140,000 ounces, and 3.5% thereafter. In return, Rio2 will get USD50 million upfront, followed by ongoing delivery payments.
By Ivan Edwards; [email protected]
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