Wheaton says met low end of revised 2022 gold equivalent production guidance despite 'headwinds'
(Kitco News) - Wheaton Precious Metals (TSX, NYSE: WPM) announced today that in 2022, its gold equivalent production of 638,048 ounces met the low end of the revised guidance of between 640,000 and 680,000 gold equivalent ounces.
The company said it delivered “solid” production results at the low end of guidance “despite facing a number of headwinds in 2022.”
According to a press release, stronger than expected production at Antamina due to higher grades was offset by weaker than expected production from Salobo due to lower throughput and grades as a result of changes in maintenance routines and Stillwater due to lower throughput as a result of significant regional flooding that impacted operations primarily in the second half of the year.
The company said that in 2023, gold equivalent production is forecast to be slightly higher than 2022 as expected stronger attributable production from Salobo and Constancia is forecast to be offset by weaker production from Antamina and the termination of the silver stream on Yauliyacu.
The company’s annual average forecast production over the next five years of 810,000 gold equivalent ounces is expected to increase primarily due to anticipated continued production growth from Salobo, Stillwater, Constancia, Voisey's Bay and Marmato as well as incremental production ounces from Blackwater, Toroparu, Marathon, Rosemont and Santo Domingo towards the latter end of the forecast period
The company's annual average forecast production over the next ten years of 850,000 gold equivalent ounces includes additional incremental production from the Fenix project, Kutcho project and the Victor mine in Sudbury.
Wheaton Precious Metals is the world's premier precious metals streaming company. The company indicated that its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company.