VANCOUVER, British Columbia, August 9, 2012 /PRNewswire/ --
TSX: SLW NYSE: SLW
Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX:SLW)(NYSE:SLW) is pleased to announce its unaudited results for the second quarter ended June 30, 2012.
SECOND QUARTER HIGHLIGHTS
- Attributable silver equivalent production of 6.7 million ounces (6.5 million ounces of silver and 3,200 ounces of gold), an increase of 10% compared with Q2 2011
- Revenues increased 3% compared with Q2 2011, to a record US$201.4 million, on record silver equivalent sales of 6.9 million ounces (6.8 million ounces of silver and 2,400 ounces of gold).
- Net earnings were US$141.4 million ( US$0.40 per share) compared to US$148.1 million ( US$0.42 per share) in Q2 2011.
- Operating cash flows increased 3% compared with Q2 2011, to a record US$172.9 million ( US$0.49 per share [ 1]).
- Cash operating margin [ 1] was US$25.01 [ 1] per silver equivalent ounce, compared to US$34.21 in Q2 2011.
- Average cash costs [ 1] fell slightly compared with Q2 2011, to US$4.06 [ 1] per silver equivalent ounce ( US$4.04 per ounce of silver and US$303 per ounce of gold).
- Cash balance of US$1.1 billion, with a net cash position of US$1.04 billion at the end of Q2 2012.
- Declared quarterly dividend of US$0.10 per common share, representing 20% of the cash generated by operating activities during the three months ended June 30, 2012.
- Announced attributable proven and probable silver reserves of 798 million ounces, nearly twice the reserves of any other silver company in the world.
- Subsequent to the second quarter, Silver Wheaton announced that it has agreed to acquire a precious metals stream from Hudbay Minerals Inc.'s ("Hudbay") currently producing flagship 777 Mine ("777"), as well as a silver stream from their cornerstone development project, Constancia. Combined, 777 and Constancia will increase Silver Wheaton's long-term average annual silver equivalent production by approximately 4.9 million ounces [ 2].
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