Wheaton Precious Metals Corp on Friday reported a fall in quarterly revenue as production dropped.
The Vancouver based mining company, which operates in South America, Canada and the US, said revenue in the first quarter of 2023 amounted to $214.5 million, down 30% from $307.2 million a year earlier. It said the decrease was mainly due to the cessation of production from Yauliyacu, 777 and Keno Hill.
Earnings before finance costs and income tax amounted to $106.2 million, down 33% from $159.6 million, and net earnings after tax dropped by 29% to $111.4 million from $157.5 million a year earlier.
The company said it produced gold equivalent ounces worth $141.8 million in the quarter, down 14% from $165.6 million a year earlier.
Chief Executive Officer Randy Smallwood said: ‘Wheaton’s high-quality portfolio of long-life, low-cost assets delivered a solid performance to start the year, resulting in revenue of $214 million and robust cash operating margins.’
Looking ahead, Wheaton’s estimated attributable production in 2023 is forecast to be 320,000 to 350,000 ounces of gold.
It declared a quarterly dividend of $0.15 per share.
Shares were down 1.8% at 3,975.40 pence each on Friday morning in London.
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