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In This List

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Wheaton Precious Metals swings YOY to Q2'19 loss on Voisey's Bay impairment

Wheaton Precious Metals Corp. swung to a net loss of US$124.7 million, or 28 US cents per share, in the second quarter, from a year-ago profit of US$318.1 million, or 72 cents per share, due to a US$166 million noncash impairment related to the streaming deal for the Voisey's Bay complex in Newfoundland.

Adjusted net earnings for the three months ended June 30, meanwhile, amounted to US$44.8 million, or 10 cents per share, reflecting a 38.1% drop yearly. The decrease was due to a new streaming deal for the San Dimas mine, an illegal blockade at the Peñasquito operation in Mexico that translated into lower sales as well as lower sales from the Salobo mine in Brazil.

In its Aug. 8 statement, the Vancouver, British Columbia-headquartered precious metals streaming company declared a dividend of 9 cents per share, in line with the year-ago dividend and the minimum dividend set for the year.

Quarterly revenues fell 10.8% year over year to US$189.5 million from US$212.4 million. The revenue drop was on the back of a 19.1% drop in attributable silver production to 4.8 million ounces, due to the termination of the San Dimas silver stream and the illegal blockade at Peñasquito.

The start of the gold streaming deals for San Dimas and the Stillwater mine in Montana, as well as higher output from the Sudbury mine in Ontario, pushed Wheaton's attributable production during the quarter to 100,577 ounces of gold, up 11.3% from 90,391 ounces in the prior-year period.

Gold sales climbed 3.4% to 90,077 ounces, due to higher production levels during the three-month period, while silver sales decreased 29.0% to 4.2 Moz, dragged by lower production levels.

Cash costs amounted to US$420 per ounce of gold and US$14.93/oz silver, representing increases of 3.2% and 13.2%, respectively.

Meanwhile, palladium output for the period totaled 5,736 ounces, with sales of 5,273 ounces. Cash costs totaled US$247/oz palladium.

Wheaton's attributable production for this year is on track to meet its forecast of approximately 690,000 gold equivalent ounces. On a per commodity basis, however, the streaming company now expects to produce about 385,000 ounces of gold, 22.5 Moz of silver and 22,000 ounces of palladium.