Welcome to our dedicated page for Wheaton Precious Metals news (Ticker: WPM), a resource for investors and traders seeking the latest updates and insights on Wheaton Precious Metals stock.
Founded in 2004, Wheaton Precious Metals Corp. (NYSE: WPM) has established itself as the leading precious metals streaming company globally. Wheaton’s unique business model involves purchasing all or a portion of the silver and/or gold production from high-quality mines in exchange for an upfront payment. This allows Wheaton to acquire precious metals at a low fixed cost, significantly reducing the risks commonly associated with traditional mining operations.
Wheaton has secured over 20 long-term purchase agreements with 17 different mining companies. These agreements span approximately 19 operating mines and nine development projects. Some of the notable projects in Wheaton’s portfolio include the Salobo mine owned by Vale, the Antamina mine operated by Glencore, and Goldcorp’s Peñasquito mine.
Recently, Wheaton announced the acquisition of a silver stream from the Mineral Park Mine in Arizona, USA, owned by Waterton Copper. This addition is expected to enhance Wheaton’s portfolio significantly, allowing the company to leverage its historical knowledge of the mine to assist in bringing it back into production sustainably.
As of June 30, 2023, Wheaton reported having approximately $829 million in cash on hand. This financial position, combined with a $2 billion revolving term loan, ensures that Wheaton is well-equipped to fund current and future acquisitions. The company’s business model not only provides leverage to commodity prices but also offers exploration upside while maintaining a lower risk profile. This has allowed Wheaton to consistently outperform other mining investments.
Wheaton is committed to strong Environmental, Social, and Governance (ESG) practices. The company has a robust ESG framework and actively contributes to the communities where it operates. With a focus on long-life, low-cost assets, Wheaton creates sustainable value for all stakeholders through its streaming agreements.
In the latest financial results, Wheaton delivered a strong quarter with $219 million in operating cash flows for Q1 2024. The company forecasts a 40% increase in production by 2028, driven by multiple development projects achieving significant milestones. Wheaton continues to pursue accretive acquisitions, ensuring sustainable growth and value creation for its shareholders.
Wheaton Precious Metals reported second quarter 2022 financial results, achieving over $300 million in revenue and $206 million in operating cash flow. The company's cash balance stood at $449 million with no debt. Adjusted net earnings were $149 million, but production decreased across gold, palladium, and cobalt due to various challenges. The company announced updated production guidance for 2022, lowering its forecast to 640,000 to 680,000 gold equivalent ounces. Wheaton remains focused on sustainability initiatives, having been recognized as one of Canada's Best 50 Corporate Citizens.
Wheaton Precious Metals will announce its 2022 second-quarter results on August 11, 2022, after the market closes. A conference call is scheduled for August 12, 2022, at 11:00 am ET for discussion of the results. Investors can participate via phone or live webcast. Wheaton Precious Metals is recognized as a leading precious metals streaming company, noted for its low-cost, high-quality assets that deliver strong cash operating margins and competitive dividends.
Wheaton Precious Metals Corp. has entered into a definitive agreement with Hecla Mining Company to terminate its silver stream on the Keno Hill Silver District for US$135 million. This move allows Wheaton to strengthen its balance sheet, as it will receive Hecla common shares, giving it approximately 5.6% ownership of Hecla. The transaction is contingent upon Hecla completing its acquisition of Alexco Resource Corp. The announcement emphasizes Wheaton's strategic approach to value creation amid exploration potential in Keno Hill.
Wheaton Precious Metals has been recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights in 2022. This acknowledgment highlights the company’s strong commitment to sustainability, with high standards in its Environmental, Social, and Governance (ESG) practices. Out of 332 Canadian companies assessed, Wheaton ranked third among 207 global companies in the Asset Management peer group and ninth among 304 companies in the Metals and Mining sector. Their third annual Sustainability Report also underscores their ESG performance.
Wheaton Precious Metals Corp. announced the election of new directors at its 2022 Annual and Special Meeting of Shareholders. George Brack replaces Doug Holtby as Chair of the Board. Jaimie Donovan joins the board, contributing significant operational experience, as the company achieves its gender diversity goal ahead of schedule. The shareholder vote reflected strong support for the nominees: Brack received 86.73% approval, while Donovan gained 99.44%. Furthermore, a non-binding advisory resolution on executive compensation was also approved with 91.56% in favor.
Wheaton Precious Metals reported strong Q1 2022 results, generating over $210 million in operating cash flow and achieving $307 million in revenue, despite a 5% year-over-year decline. The company declared a quarterly dividend of $0.15, a 7% increase compared to Q1 2021. New precious metal purchase agreements were established with Adventus Mining and Sabina Gold & Silver, while existing agreements were amended to increase gold streams. Notably, Wheaton also formalized a climate change policy aimed at achieving net zero carbon emissions by 2050.
Wheaton Precious Metals has declared a quarterly cash dividend of US$0.15 per common share for Q2 2022. The dividend will be payable to shareholders on record as of May 20, 2022, with distribution occurring on or about June 3, 2022. The ex-dividend date is May 19, 2022. This aligns with the company's revised policy, targeting a minimum quarterly dividend equal to the previous quarter's amount. The dividend qualifies as an 'eligible dividend' for Canadian tax purposes. Future dividends will be determined by the Board of Directors.
Wheaton Precious Metals will announce its 2022 first quarter results on May 5, 2022, after market close. A conference call is scheduled for May 6, 2022, at 11:00 am ET to discuss these results. Investors can join the call via toll-free numbers or a live webcast. An archived version of the call will be accessible until May 13, 2022. The company, noted for its high-quality, low-cost asset portfolio, aims to deliver sustainable value through its streaming model, providing leverage to commodity prices.
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