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Wheaton Precious Metals -3% as production declines dent Q3 results

Published 11/10/2017, 11:17 AM
Updated 11/10/2017, 11:17 AM
© Reuters.  Wheaton Precious Metals -3% as production declines dent Q3 results
  • Wheaton Precious Metals (WPM -3.4%) is lower after posting in-line Q3 earnings on 13% lower revenues vs. a year ago, as lower attributable production and lower metals prices weighed on the bottom line.
  • WPM says it sold 5.8M oz. of silver, 6% lower than in the year-ago quarter, and 82.5K oz. of gold, down 3% Y/Y; the average realized silver price fell 14% Y/Y to $16.87/oz. and the average realized gold price slipped 4% to $1,283/oz,
  • WPM attributes the reduced silver output to 17% lower silver production from Primero Mining’s struggling San Dimas mine in Mexico and an 18% drop in silver output at Hudbay's Constancia mine in Peru.
  • For the full year, WPM estimates attributable production of 28M silver oz. and 340K gold oz..
  • Now read: Precious Metals Stocks Update YTD


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