Wheaton Precius Metals third-quarter revenue up on higher gold prices

Wheaton Precious Metals Corp on Friday said revenue rose in the third quarter due to higher gold prices and despite lower gold output, extending its half-year gains.

The Vancouver, Canada-based miner reported revenue of USD771.7 million in the three months to September, up 62% from USD476.3 million a year earlier, though down from record revenue of USD929.2 million in the second quarter.

Wheaton attributed the higher third-quarter revenue to a 36% increase in the average realised gold equivalent price and to a 19% increase in sales of other metals in gold equivalent ounces.

In the third quarter, 51% of the revenue came from gold sales, 46% from silver, and the rest from palladium and cobalt.

The company produced 37% more silver than a year earlier at 8.2 million ounces, while gold production fell 8.2% to 91,753 ounces, down from 99,943 ounces.

Net earnings increased 12% to USD410.2 million from USD367.2 million.

Year-to-date revenue rose 80% to USD2.60 billion compared with the same period a year earlier.

Chief Executive Officer Haytham Hodaly said: "Wheaton delivered another solid quarter, building on record year-to-date performance, and remains very well positioned to achieve our annual production guidance."

The company said it was on track to deliver annual targeted production of 400,000 to 430,000 ounces of gold, 27 million to 29 million ounces of silver, and 860,000 to 940,000 other metals in gold equivalent ounces.

Wheaton said it expects around 3% of its annual production to come from assets currently under construction or at different stages of ramp-up.

The miner declared a fourth quarterly dividend of USD0.195 payable on November 19, up 18% from a year earlier.

Wheaton shares were down 0.9% to 9,633.64 pence each on Friday morning in London. The company has a market capitalisation of £43.75 billion

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