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Wheaton withdraws FY'20 production guidance as coronavirus forces mine closures

Metals streaming company Wheaton Precious Metals Corp. withdrew its production guidance for full year 2020 due to the temporary shutdowns of some of its partners' mines due to the global coronavirus outbreak.

The company said April 1 that all of its partners' operations are running, except Vale SA's Voisey's Bay nickel mine in Newfoundland and Labrador, Hudbay Minerals Inc.'s Constancia copper mine in Peru, Glencore PLC's Yauliyacu zinc mine in Peru, and Newmont Corp.'s Penasquito gold mine in Mexico.

Wheaton noted that there is potential for other partners' operations to be temporarily suspended in the future for indeterminate amounts of time, including other Mexican mining operations such as First Majestic Silver Corp.'s San Dimas and Equinox Gold Corp.'s Los Filos gold mines.

The company said it has US$104 million in cash and cash equivalents and over US$1.1 billion of available capacity under the US$2 billion revolving facility as at Dec. 31, 2019, which will allow it to fund all outstanding commitments and known contingencies including dividends.

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Wheaton's full-year 2019 net income plunged 79.8% to US$86.1 million, while revenue climbed 8.5% to US$861.3 million. Gold production in 2019 climbed 5.9% to a record-high of 406,675 ounces. Silver production fell 7.8% to 22.6 million ounces, while palladium production soared 49.8% to 21,993 ounces.