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Silver Wheaton Reports Fifth Consecutive Year Of Record Production And Sales Volume

Stocks in this article: SLW

    [1] Please refer to non-IFRS measures at the end of this press release.

OUTLOOK

  • Silver Wheaton anticipates 2014 attributable production of approximately 36 million silver equivalent ounces (including 155,000 ounces of gold) [ 1].
  • In 2018, the Company forecasts 48 million ounces of silver equivalent production (including 250,000 ounces of gold), which represents an increase of nearly 35% from 2013 [ 1].
  • As of December 31, 2013, attributable silver reserves decreased by 5% to 807.0 million ounces and attributable gold reserves increased by 18% to 5.78 million ounces over December 31, 2012 reserve estimates as reported in Silver Wheaton's 2012 Annual Information Form. On a silver equivalent basis, reserves increased by 4% to 1,154.0 million ounces [ 2].

"Silver Wheaton had another record year in 2013, with production growing for the fifth consecutive year to 35.8 million silver equivalent ounces - well above our 2013 production guidance of 33.5 million ounces - and sales reaching an all-time high of 30 million silver equivalent ounces. Our production growth was primarily due to the acquisition of gold from the Salobo and Sudbury operations, along with the delivery of the first full year of silver and gold from the 777 mine," said Randy Smallwood, President and Chief Executive Officer of Silver Wheaton. "We also achieved one of our best years of acquisition growth in 2013, as we gained exposure to world-class assets with the addition of the gold from Salobo and Sudbury, enhanced medium-term growth with the purchase of gold from Constancia, and, finally, added to our long-term growth profile with the Early Deposit Gold Stream Agreement on Toroparu."

"However, 2013 was certainly not without challenges. Water issues continued to weigh on the Peñasquito mine as the unprecedented drought remained in the region. Nonetheless, we are encouraged by Goldcorp's comprehensive plan, which they have already begun to implement, to increase efficiency and secure additional water by the end of 2014. Furthermore, in late 2013 Barrick suspended construction activity at the Pascua-Lama project, further delaying this project. As a result of Barrick's suspension, Silver Wheaton has agreed to extend the completion test by a year while also securing an additional year of silver production entitlement from three of Barrick's currently producing mines. Though not ideal, we view the additional year of silver as adequate compensation for the delay, and remain confident that this world-class project will be developed."

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