Wheaton Precious Metals Corp said on Friday its pretax profit and revenue had fallen, as its gold equivalent production dropped.

The Vancouver based mining company, which operates in South America, Canada and the US, said its pretax profit for 2022 had fallen by 11% to $669.6 million from $754.6 million the year prior.

Sales fell to $1.07 billion from $1.20 billion in 2021, representing an 11% decrease year-on-year. Wheaton said this was primarily due to a 6% fall in the average realized gold equivalent price.

Wheaton’s gold equivalent production for the year was 638,113 ounces, down by 15% from 754,591 in 2021.

In addition, the firm declared a quarterly dividend of $0.15 per share.

Looking ahead, the firm has said that gold equivalent production is forecast to be slightly higher in 2023 due to stronger attributable production from its Salobo and Constancia mines in South America.

Its annual gold output until 2032 is expected to be approximately 850,000 gold equivalent ounces.

Chief Executive Officer Randy Smallwood said: ‘We enter 2023 exceptionally well-positioned to deliver long-term shareholder value through the significant organic growth profile already embedded in the portfolio, as well as through additional accretive acquisitions.’

Shares were trading flat at 3,928.00 pence in London on Friday morning.

By Sabrina Penty; Alliance News reporter

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