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Silver Wheaton joins World Gold Council

Silver Wheaton joins World Gold Council

Photo by Bloomberg

22nd May 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The world’s largest precious metals streaming firm Silver Wheaton on Thursday said it had joined the World Gold Council (WGC).

The Vancouver-headquartered firm said that it had been able to substantially increase its current and expected gold output from its diverse portfolio of global mining assets, which was recently boosted by its acquisitions of gold streams from Brazilian miner Vale and Canadian base metals miner Hudbay Minerals.

"During 2013, Silver Wheaton significantly increased the amount of gold production within our portfolio. We are proud to be joining the World Gold Council, and look forward to contributing to its vision of providing industry leadership, while stimulating and sustaining the worldwide demand for gold,” president and CEO Randy Smallwood said.

WGC CE Aram Shishmanian added that the streaming model used by Silver Wheaton was becoming increasingly important in the gold mining industry to attract investment and fund gold and precious-metals projects.

“With the addition of Silver Wheaton to our board, the World Gold Council now represents a substantial proportion of this important element of the gold business,” he said.

Based upon its current agreements, expected 2014 attributable production is about 36-million silver-equivalent ounces, including 155 000 oz of gold. By 2018, its yearly attributable output is expected to increase significantly to about 48-million silver-equivalent ounces, including 250 000 oz of gold.

Edited by Creamer Media Reporter

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