Wheaton Precious Metals’ (WPM) Q218 results were closely in line with our forecasts in terms of production, sales, prices and financial results, with better than expected performances at Salobo, in particular, but also San Dimas (gold) and Antamina offsetting weakness at Sudbury, in particular, and also Minto and 777. Somewhat unusually for a second quarter, sales correlated closely with production.
US$246m exceptional profit in Q218
In addition to the normal course of its business, WPM booked an exceptional profit in Q218, relating to the evolution of its silver purchase agreement at San Dimas into a precious metals purchase agreement (PMPA), following the takeover of Primero (San Dimas’s erstwhile operator) by First Majestic. While the majority of the gain could be attributed to non-cash accounting entries, WPM nevertheless also received 20.9m near-cash shares in First Majestic, with a value of C$153.5m, or US$120.2m, on 10 May, under the terms of the new PMPA.
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