Silver Wheaton Posts Record Operating Cash Flow in Q2

Silver Wheaton Corp. (TSX:SLW,NYSE:SLW) announced that its unaudited second quarter results for this year include a 10 percent increase in silver equivalent production and a record operating cash flow of $172.9 million.

According to the press release, highlights of the results include:

  • Attributable silver equivalent production of 6.7 million ounces (6.5 million ounces of silver and 3,200 ounces of gold), an increase of 10% compared with Q2 2011.
  • Revenues increased 3% compared with Q2 2011, to a record US$201.4 million, on record silver equivalent sales of 6.9 million ounces (6.8 million ounces of silver and 2,400 ounces of gold).
  • Net earnings were US$141.4 million (US$0.40 per share) compared to US$148.1 million (US$0.42 per share) in Q2 2011.
  • Operating cash flows increased 3% compared with Q2 2011, to a record US$172.9 million (US$0.49per share).
Silver Wheaton president and CEO, Randy Smallwood, commented:
For the second quarter in a row, we achieved record silver sales and revenues, putting us on track for our best year ever. Production from most of our assets was very solid, with Zinkgruvan once again delivering a strong quarter and with sales of concentrate produced but not yet delivered from Yauliyacu contributing considerably to our revenues and cash flow. While we did see some temporary shortfalls in production at the Peñasquito mine and a delay at Pascua-Lama, we remain confident in our partners and view both of these assets as core streams which solidify our industry-leading growth profile.

Click here to read the full Silver Wheaton Corp. (TSX:SLW,NYSE:SLW) press release.