Tue, Jul. 7, 9:14 AM
Tue, Jul. 7, 7:52 AM
- Silver Wheaton (NYSE:SLW) -1.9% premarket after saying it received a proposal letter from the Canada Revenue Agency to reassess the company under various income tax rules.
- The CRA is seeking to tax streaming income earned by the company's foreign units, and says SLW's taxable income should be increased by ~C$715M for the 2005-10 period.
- SLW estimates it would be subject to federal and provincial tax of ~C$150M for the relevant taxation years if it would be assessed taxes on income from foreign subsidiaries on the same basis as its Canadian income.
- SLW says it is not required to make any payment to the CRA at this time and that it intends to vigorously defend its tax filing positions.
Wed, Jun. 24, 5:45 PM
- Teck Resources (NYSE:TCK) has said it is on the lookout for copper acquisitions, so TD Securities analysts raise the possibility that it could raise $1B from sales of ~75% of its silver production from the Antamina, Red Dog and Highland Valley mines to Silver Wheaton (NYSE:SLW).
- Selling silver streams to add production could make sense for TCK and would reduce debt or equity issuance, the firm says, and SLW could easily fund the purchase of the three TCK streams with its existing credit facility and would not have to issue equity.
- The acquisition would provide immediate growth, adding ~6.2M oz. of silver production in the first year, TD says.
Fri, May 8, 8:45 AM
- Silver Wheaton (NYSE:SLW) flat premarket after reporting Q1 earnings and revenues that fell short of expectations, amid record attributable silver equiv. production of 10.4M oz., 15% more than in the prior-year quarter.
- Q1 silver equiv. sales volume fell 5% Y/Y to 7.7M oz., with the average realized price per silver equiv. oz. falling 17% Y/Y to $16.90 from $20.38.
- SLW's 2015 forecast includes estimated annual attributable production of 43.5M silver equiv. oz., including 230K oz. of gold; by 2019, estimated annual attributable production is expected to rise to 51M silver equiv. oz., including 325K oz. of gold.
- SLW says it raised the limit on its revolving credit facility during Q1 to $2B from $1B and used the proceeds, together with cash on hand, to repay a $1B outstanding debt on a non-revolving term loan.
Fri, May 8, 5:10 AM
Thu, May 7, 6:07 PM
Thu, May 7, 6:04 PM
Fri, Apr. 24, 6:50 PM
- In another day of broad losses among in precious metals miners, Newmont Mining (NYSE:NEM) enjoyed a 6.5% surge following strong Q1 results that included impressive cost reductions in gold and copper production.
- J.P. Morgan analysts especially liked the strong first quarter at Batu Hijau and Yanacocha and the deferral of some capex that allowed NEM to generate $344M in free cash flows and pay down $200M in debt; the firm says full-year guidance could be raised if cost reductions can be maintained in Q2.
- Otherwise, it was not a good day for mining equities, following another drop in gold futures which tumbled to their lowest level in more than a month.
- NEM CEO Gary Goldberg expects gold prices to gain ~25% to $1,500/oz. by 2020 on rising demand from China and a weaker dollar; for now, Goldberg says the strong U.S. dollar is “definitely having an adverse effect” on gold prices, and he expects the dollar will “eventually come back off of its highs in the next couple of years."
- In today's trade: ABX -0.9%, AU -4.2%, GG -2.6%, SBGL -7.7%, GOLD -2%, AUY -2.5%, NGD -1.9%, GFI -4.4%, SLW -1%, PAAS -1.6%, EGO -4.1%, RGLD -2.7%, FNV -2.1%, KGC -0.4%, IAG -1.4%, BTG -1.9%, HL -1.9%, AGI -1.6%, AUQ -3.1%.
Wed, Apr. 22, 6:36 PM
- Gold tumbled today to its sharpest single session loss in more than six weeks, after the strong U.S. existing home sales report that raised expectations for a Fed interest rate hike in June.
- U.S. gold futures for June delivery fell $16.20 (-1.4%) to settle at $1,186.90/oz., while silver fell 1.3% to $15.77.
- Among precious metals miners today: ABX -3.4%, AU -4%, GG -2.8%, SBGL -6.8%, GOLD -1.5%, AUY -3.7%, NG -1.9%, GFI -5%, SLW -2.1%, PAAS -3.5%, NEM -3.1%, EGO -1.4%, RGLD -2.1%, FNV -3.4%, KGC -1.7%, IAG -4.1%, BTG -2.5%, HL -3.8%, AGI -5.4%, AUQ -4.4%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, OUNZ, SLVP, DGL, DBS, DGZ, RING, DGLD, AGOL, PSAU, USV, TBAR, GEUR, UBG, GYEN, BAR, GDXX
Thu, Mar. 26, 7:15 PM
- Timmins Gold (NYSEMKT:TGD) calls off a private placement worth up to $10M that had been announced on Feb. 17; the offering was priced at C$1.25/share, but shares currently are trading below C$1.
- Also today, Orbite Aluminae (OTCQX:EORBF) called off an offering of debentures and warrants that was expected to raise as much as C$15.5M.
- Six gold companies raised nearly $800M in the span of two days in January, but raising capital has been a challenge ever since; the one major offering that was announced in March - Silver Wheaton’s (NYSE:SLW) $800M bought-deal - was priced too high and led to big losses for the underwriters, and has put a chill in the mining financing market.
Wed, Mar. 18, 6:51 PM
- Silver Wheaton (NYSE:SLW) expects 43.5M silver equivalent ounces of 2015 production, a 20% Y/Y increase. Silver production is expected to total 26.9M ounces (up from 2014's 25.7M), and gold production 230K ounces (up from 142.8K).
- The company forecasts 2019 production will total 51M silver equivalent ounces (+40% from 2014 levels), including 325K ounces of gold. Peru's Constancia mine and Brazil's Salobo mine are expected to account for much of the growth.
- Q4 silver equivalent production fell 8% Y/Y to 9M ounces (6.4M silver, 34.5K gold). However, silver equivalent sales volume rose 7% to 8.5M ounces (5.7M silver, 37.9K gold). With precious metal prices swooning, average realized sale price fell 22% to $16.43 - silver was at $16.46/oz., and gold at $1,213/oz.
- On a silver equivalent basis, average cash costs fell $0.19 Y/Y to $4.51/oz. - silver was at $4.13, and gold at $391. Op. cash flow fell 27% to $94.1M.
- SLW -1.1% AH to $18.81.
- Q4 results, dividend cut, PR
Wed, Mar. 18, 5:13 PM
Wed, Mar. 18, 5:06 PM
Tue, Mar. 17, 5:35 PM
Fri, Mar. 6, 2:42 PM
- Precious metals miners are bludgeoned as April Comex gold tumbles 2.7% to $1,164.30/oz. for its lowest settlement of the year so far.
- The culprit was the upbeat February jobs report, which sparked fears that the improving economy will prompt the Fed to hike interest rates sooner rather than later.
- ABX -6%, GG -6.6%, NEM -7.9%, AU -6.1%, AUY -6.6%, KGC -7.8%, SLW -3.4%, GOLD -5.4%, EGO -5%, GFI -7.9%, HL -10.4%, RGLD -8.6%, FNV -3.2%, NG -4.3%, SBGL -6.4%, PAAS -4.3%,BTG -6.5%, IAG -6.2%, AUQ -5.6%, AGI -2.8%.
- Precious metals ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, GLTR, DGZ, DGLD, AGOL, DBP, WITE, TBAR, USV, UBG, JJP, BAR, GYEN, GEUR, BARS, RGRP, BLNG
- Precious metals mining ETFs: GDX, NUGT, DUST, SIL, GLDX, SLVP, RING, SGDM, PSAU, GDXX
Wed, Mar. 4, 10:26 AM
- Canadian banks are getting nervous as they struggle to find buyers for Silver Wheaton's (SLW -1.2%) $800M bought deal financing, Financial Post reports, as the company's stock continues to trade below the offer price.
- Sources say a very large portion remains unsold, with one describing the deal as a "train wreck.”
- The bought deal, announced Monday after the close, was priced at US$20.55/share, representing a 3% discount to SLW’s closing price that day.
- This is the third time in recent months where banks had trouble selling a very large mining stock offering, following Barrick Gold and Franco Nevada offerings that proved to be tough sells; FP says it shows that investor appetite for these stocks is not endless amid rough market conditions.
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