Sep. 25, 2015, 8:22 AM
- Silver Wheaton (NYSE:SLW) -2.2% premarket after saying it received reassessment notices from Canada's tax authorities, ordering it to pay C$353M ($265M) in back taxes.
- SLW, which will be required to make a C$177M deposit with the CRA while it pursues a defense, says the notices are consistent with the proposal it had received in July from the CRA to tax ~C$715M of income earned by its foreign units during 2005-10.
- SLW plans to file a notice of objection within the required 90-day period.
Sep. 21, 2015, 7:07 PM
- Silver Wheaton (NYSE:SLW) is actively pursuing $5B in deals as the commodity meltdown pressures other producers into selling some of the most attractive assets that have ever been on the market, CEO Randy Smallwood says.
- SLW is interested in bidding on streams that Glencore may want to sell, the CEO says; earlier this month, Glencore unveiled a $10B plan to cut debt that included selling assets and issuing new shares.
- Smallwood says his company is seeing demand for streaming capital that exceeds the supply of available financing amid the current commodities downturn.
Sep. 16, 2015, 5:45 PM
- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) is in talks with Franco-Nevada (NYSE:FNV), Silver Wheaton (NYSE:SLW), Royal Gold (NASDAQ:RGLD) and two other companies to sell portions of the future production of three South American copper mines, according to a Reuters report.
- The streaming deals are said to involve Glencore's Antamina and Antapaccay copper mines in Peru and its Collahausi mine in Chile, and the talks could expand to include other mines; the copper mines also produce precious metals such as silver and some gold as by-products.
Sep. 16, 2015, 3:45 PM
- Newmont Mining's (NEM +5.8%) stock price target is lowered to $22 from $24 by RBC analysts on the back of downward revisions to base metal price assumptions, including a ~15% reduction to the firm's 2015-19 average copper price assumptions.
- NEM has significant leverage to copper prices through its Batu Hijau, Boddington and Phoenix mines, prompting the firm to reduce its EPS and cash flow/share estimates.
- But for today at least, shares of gold miners are surging, following gold prices higher as optimism grows that the Fed will not raise rates tomorrow: ABX +7%, KGC +9.2%, GG +5.3%, AEM +6.9%, GFI +3%, SBGL +2.4%, FNV +4.7%, NGD +7.1%, AUY +9.1%, IAG +7.6%, BTG +4.1%, EGO +9.7%, SLW +7.1%.
Sep. 14, 2015, 6:57 PM
- Silver Wheaton (NYSE:SLW) +3.6% AH after initiating its first ever normal course issuer bid for 20.23M common shares, representing 5% of total common shares outstanding.
- SLW says its share price "does not currently reflect the high quality asset base underlying the company's robust business model," and that at current prices its shares "may represent the best investment option for our shareholders."
Sep. 14, 2015, 5:39 PM
Aug. 11, 2015, 7:49 PM
- Silver Wheaton (NYSE:SLW) +2.3% AH after a mostly in-line Q2 earnings report, as a higher cost of sales and lower commodity prices sent profit lower by 15% Y/Y but revenues rose 10.7%.
- SLW says it tallied record totals for attributable silver equiv. production of 10.9M oz. (7.2M oz. of silver and 50.5K oz. of gold), up 29% from 8.5M oz. in Q2 2014, and silver equiv. sales volume of 10M oz. (5.6M oz. of silver and 61K oz. of gold), up 34% from 7.5M oz. in the year-ago quarter.
- SLW says its average realized sale price per silver equiv. oz. sold during Q2 fell more than 17% to $16.38.
- Says it expects federal and provincial tax of ~C$190M, resulting from Canada Revenue Agency's proposal to tax ~C$715M of income earned by the company's foreign units during 2005-10.
Aug. 11, 2015, 5:53 PM
- Silver Wheaton (NYSE:SLW) declares $0.05/share quarterly dividend, in line with previous.
- Forward yield 1.52%
- Payable Sept. 4; for shareholders of record Aug. 26; ex-div Aug. 24.
Aug. 11, 2015, 5:23 PM
- Silver Wheaton (NYSE:SLW): Q2 EPS of $0.13 in-line.
- Revenue of $164.4M (+10.7% Y/Y) misses by $2.26M.
Aug. 10, 2015, 5:35 PM
Jul. 20, 2015, 10:39 AM
- Several gold miner stocks strike new 52-week lows in early trading, as gold prices plunge below $1,100/oz. overnight and adding pressure to a sector that already faces razor-thin margins.
- Investors have turned sharply negative on gold as the U.S. dollar rises ahead of a likely rise in interest rates, and a report out of China shows lower than expected holdings of the metal.
- While most senior gold miners can generate decent margins at $1,100 gold, many small and mid-tier producers are underwater at the price, and some of the seniors are struggling with heavy debt.
- Hitting new 52-week lows today: ABX -9.3%, GG -7.7%, GFI -10.7%, KGC -9.4%, AGI -6.6%, AU -9.7%, SBGL -7.8%, BTG -9.3%, EGO -2.9%, NGD -8%, AUY -8.8%, RGLD -8.2%, FNV -6.8%, SLW -5%.
- Also lower: NEM -9.4%, AEM -7.9%, NG -7%, GOLD -4.8%, IAG -5.1%, HL -5.4%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, JUNR, PSAU, TGLDX, GDJJ, GDXS, GDXX, GDJS
Jul. 20, 2015, 9:14 AM
Jul. 17, 2015, 2:58 PM
- Barrick Gold (ABX -4.9%) sinks to 24-year lows in Toronto trading, leading a rout among bullion miners as the yellow metal extends its selloff to five-year lows.
- ABX is under particular pressure, as the fall in gold casts doubt on the company’s strategy of shedding assets to pay down its $12.9B debt, as it "becomes harder and harder to sell those assets at any kind of reasonable value if metal prices are unwinding," Macquarie analyst Ron Stewart says.
- ABX reportedly is nearing a deal to sell its Zaldivar copper mine in Chile, and is looking for buyers for its 50% stake in its Kalgoorlie mine, among other properties.
- NEM -2.6%, GG -5.7%, GFI -1.1%, KGC -5.2%, AEM -5.1%, NG -2.2%, AGI -6.6%, AU -5.7%, GOLD -2.5%, SBGL -4.2%, BTG -6.4%, IAG -7.6%, EGO -7.6%, HL -3.5%, NGD -8.4%, AUY -2.9%, RGLD -2.9%, FNV -3.6%, SLW -3.3%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXS, GDXX
Jul. 9, 2015, 11:25 AM
- Franco-Nevada (FNV -0.1%) says Canada's review of how competitor Silver Wheaton (SLW -0.9%) pays tax on foreign earnings could make financing for some mine projects more expensive in the future.
- The move "changes the level of where these deals would get bid,” FNV CEO David Harquail tells Bloomberg, referring to streaming arrangements in which companies help fund a mining company in exchange for a percentage of future revenue from the operation in the form of discounted metals.
- Harquail believes SLW will have to factor the tax risk into future streaming bids, and "that’s the way we’ll be bidding them as well."
- SLW appears to see it differently, as CEO Randy Smallwood says, “Tax does not decide if we win or lose. This is not a big enough issue that it has that much impact on our business model.”
Jul. 8, 2015, 12:46 PM
- Silver Wheaton (SLW -1.9%) fell 12% yesterday on news that the Canada Revenue Agency was set to target it for back taxes, and the probe raises concerns about the entire precious metals streaming model.
- TD Securities analyst Greg Barnes says such a scenario would have negative implications for Franco Nevada (FNV -1.3%), but that the potential impact probably would not be too material.
- FNV is relatively new to the streaming business and does not have a long history of income from it that the CRA could target, and most of its offshore streaming deals are on projects that are either not yet in production or are recent acquisitions.
Jul. 7, 2015, 9:14 AM
Silver Wheaton Corp. is a precious metal streaming company, which engages in the exploration of silver and gold. Its portfolio of assets include Penasquito, Pascua-Lama, San Dimas, 777 Mine, Yauliyacu, Salobo, Sudbury, Constancia, Zinkgruvan and Minto Mine. The company was founded by Peter Derek... More
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