Silver Wheaton Corp. announced year-end results for 2016 with record silver and gold sales volumes at 28.3 million ounces (oz) and 330,000 oz, respectively. Gold production was also a record at 353,700 oz in 2016. In the fourth quarter of 2016, gold sales exceeded 100,000 oz for the first time, with more than 73,000 oz of gold sold from the Salobo mine alone.
Production for 2016 of 30.4 million oz of silver and 353,700 oz of gold, compared with 30.7 million oz of silver and 243,000 oz of gold in 2015, with silver production decreasing by 1% and gold production, representing a record, increasing by 46%.
Record sales volume for the year of 28.3 million oz of silver and 330,000 oz of gold, compared with 26.6 million oz of silver and 202,300 oz of gold in 2015, represented an increase of 7% and 63%, respectively.
Record revenues of $892 million for the 2016 compared with $649 million in 2015, represented an increase of 37%.
Silver Wheaton’s estimated attributable production in 2017 is forecast to be 28 million ounces of silver and 340,000 ounces of gold. For 2017 guidance, Silver Wheaton has assumed the ongoing strike at San Dimas will continue for a three-month period and that San Dimas will otherwise achieve production in line with 2016.
Silver Wheaton’s estimated average annual attributable production over the next five years is anticipated to be in line with 2017 production at approximately 29 million ounces of silver and 340,000 ounces of gold.
Randy Smallwood, president and Chief Executive Officer of Silver Wheaton, said, “2016 was a record year for Silver Wheaton on many fronts. We sold more silver and gold than any other year and produced over 350,000 ounces of gold for the first time.”
The board of directors has recommended changing the company’s name to Wheaton Precious Metals Corp. to better align the corporate identity with the company’s diverse portfolio of both silver and gold assets. The company plans to seek shareholder approval for the proposed name change at its annual shareholder meeting in May.
“In order to better align our corporate identity with underlying operations while maintaining a link to our past and the innovation that the ‘Wheaton’ name has become synonymous with, we have recommended changing our name to Wheaton Precious Metals,” said Smallwood. “Over the company’s history, we have created value through streaming both silver and gold from a diverse portfolio of high-quality assets, and the new name will reinforce our position as the leader in precious metals streaming.”
