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Silver Wheaton Reports Record Second Quarter And First Half 2013 Production

VANCOUVER, British Columbia, August 15, 2013 /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, 2013. All figures are presented in United States dollars unless otherwise noted.

SECOND QUARTER HIGHLIGHTS

  • Record attributable silver equivalent production of 8.6 million ounces (6.4 million ounces of silver and 35,600 ounces of gold) compared to 6.7 million ounces in Q2 2012, representing an increase of 28%.
  • Silver equivalent sales of 7.2 million ounces (5.1 million ounces of silver and 33,900 ounces of gold) compared to 6.9 million ounces in Q2 2012, representing an increase of 4%.
  • Revenues of $166.9 million compared to $201.4 million in Q2 2012, representing a decrease of 17%.
  • Net earnings of $71.1 million ( $0.20 per share) compared to $141.4 million ( $0.40 per share) in Q2 2012, representing a decrease of 50%.
  • Operating cash flows of $125.3 million ( $0.35 per share [ 1 ]) compared to $172.9 million ( $0.49 per share [ 1 ]) in Q2 2012, representing a decrease of 28%.
  • Cash operating margin [ 1 ] of $18.28 per silver equivalent ounce compared to $25.01 in Q2 2012.
  • Average cash costs [ 1 ] were $4.14 and $391 per ounce of silver and gold, respectively.  On a silver equivalent basis, average cash costs [ 1 ] rose to $4.77 compared with $4.06 in Q2 2012 due primarily to an increase in the percentage of revenue from gold sales.
  • Declared quarterly dividend of $0.10 per common share as the result of an amended dividend policy whereby the quarterly dividend is equal to 20% of the average of the previous four quarters' operating cash flow, with a gradual implementation.
  • On May 28, 2013, the Company entered into a $1 billion non-revolving term loan ("NRT Loan") with a 3-year term. The proceeds were used to repay the remaining balance of $560 million under the Company's $1.5 billion bridge financing facility (the "Bridge Facility") and $440 million outstanding under the Company's revolving credit facility (the "Revolving Facility"). The Bridge Facility was terminated following the repayment of the outstanding balance.

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