Wheaton River Posts Higher 4Q Profit
Monday March 7, 4:32 pm ET
Wheaton River Fourth-Quarter Earnings Double on Higher Average Metals Prices
NEW YORK (AP) -- Wheaton River Minerals Ltd., a Vancouver-based gold and silver producer, said Monday that fourth-quarter earnings doubled year-over-year on higher average realized prices of gold, silver and copper.
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Net income grew to $56 million, or 9 cents per share, from $27.8 million, or 5 cents per share, a year ago. Sales rose to $113.5 million from $103.4 million a year ago.
After a protracted bidding process with Iamgold, Wheaton River in December agreed to be acquired by Toronto-based gold mining company Goldcorp Inc., who now controls about 80 percent of Wheaton River and plans to acquire all remaining outstanding shares in the first half of this year.
"Wheaton's operations continue to outperform market expectations on all metrics," said Ian Telfer, who was recently appointed president and CEO of Goldcorp. "Significant organic growth is expected over the next two years with a further 35 percent increase in production, due to project commissioning at Amapari and Los Filos, as well as the expansion of Red Lake Mine."
For the full year, Wheaton River earned $142.1 million, or 22 cents per share, up from $57.7 million, or 13 cents per share, last year. Sales rose to $419.2 million from $212.6 million in the 2003 quarter.
The company said it sold 606,500 gold equivalent ounces and 145.6 million pounds of copper during 2004, up from 450,100 gold equivalent ounces and 113.7 million pounds of copper in 2003.
Wheaton River shares fell 2 cents to close earlier at $3.53 on the American Stock Exchange.
