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Thursday, November 13, 2014 2:16:45 AM
Wednesday November 12, 2014 10:15 AM
Silver Wheaton Corp. (TSX:SLW)(NYSE:SLW) posted net earnings in the third quarter of $4.5 million, or 1 cent per share, down 94% from $77.1 million, or 22 cents per share in last year’s comparative quarter after absorbing an impairment charge of $68.2 million related to its Mineral Park and Campo Morado silver interests.
" The lower pricing environment recently forced the operators of one of our smaller streams, Mineral Park, to face liquidity issues and subsequent bankruptcy," says Randy Smallwood, president and chief executive officer of Silver Wheaton. " While this is certainly disappointing, it's important to recognize that these were the only two assets we found to be impaired, both are relatively small contributors to our portfolio, and both assets have generated cash flows well in excess of the original upfront payments."
The company reported revenues of $165.9 million in the quarter, on par with the $166.4 million generated this time last year. Silver equivalent production totaled 8.4 million ounces, down 7% year-on-year while silver equivalent sales volume rose 12% to 8.7 million ounces, the company says. Average realized sale price per silver equivalent ounce sold in the third quarter totaled $18.98, down 11% year-on-year. Silver Wheaton declared a quarterly dividend of 6 cents per common share.
http://www.kitco.com/news/2014-11-12/KitcoNews-kitco-mining-minutes-Nov-12-2014.html
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