Solid start to 2023 for Wheaton
Precious metals streaming company Wheaton Precious Metals has delivered a solid performance to start the year, resulting in revenue of $214-million and robust cash operating margins, reports president and CEO Randy Smallwood.
First-quarter production of 141 800 gold-equivalent ounces (GEOs) was ahead of company expectations, and with positive developments at a number of key assets, including Salobo and Constancia, he said Wheaton expects to see significant production growth throughout 2023.
Production from the Salobo mine in the first quarter of 2023 was 43 700 oz of gold, an increase of over 15% relative to the fourth quarter of 2022, owing to steady ramp-up of the Salobo III expansion.
At Hudbay Minerals’ Constancia mine, full mining activities resumed in the Pampacancha pit in February, with mining of higher-grade ore now expected in the second quarter of 2023, ahead of schedule.
The company’s production forecast for the five- and ten-year periods is expected to be about 810 000 GEOs and 850 000 GEOs.
“Implicit in our five-year annual average production guidance, is an impressive organic growth profile of over 40%, with two-thirds coming from assets already in operation. In addition, our corporate development team remains exceptionally busy evaluating new opportunities, and as always, Wheaton is focused on ensuring our growth is both accretive and sustainable for all of our stakeholders,” said Smallwood.
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