Miners are paying more 'across the board' - Wheaton Precious Metals
With oil over $100 a barrel, miners are seeing costs rise across the board, said Wheaton Precious Metals (NYSE:WPM) CEO Randy Smallwood.
On Friday Smallwood spoke to Kitco.
"There's no doubt that inflationary pressures are one of the biggest issues right now," said Smallwood. "We see it across the board. It reinforces why gold needs to be part of everyone's portfolio."
WTI Crude oil is up 46% year to date trading well above the $100 a barrel level.
Wheaton announced their Q1 on Thursday. The company reported yesterday that its revenue was $307 million in Q1 2022 representing a 5% decrease from Q1 2021.
The company explained that this decrease was due primarily to a 4% decrease in the number of gold equivalent ounces (GEO) sold in Q1 2022 (166,065 oz).
"We always knew guidance would be weighted towards the tail end of the year," said Smallwood noting that the Vale's Salobo Mine stream should result in more metal for Wheaton as mine expansion progresses.