The junior miner must pay
Between 2003 and 2005, the mines are expected to contribute a combined 269,500 oz. to Wheaton’s annual production and thus propel it to eighth spot among Canadian gold producers. The company currently produces 100,000 oz. gold and 6 million oz. silver per year from three Mexican mines it acquired last June for US$75 million and 9 million shares.
In the meantime, Wheaton’s cash costs fall to US$124 per oz. gold-equivalent, and its proven and probable reserves jump to roughly 3.3 million oz. gold-equivalent.
Based on current metal prices, Wheaton believes it will be cash-flow positive by 2005.
Wheaton has 189 million shares outstanding, or 262 million fully diluted.
At Sept. 30, 2002, it had US$19 million in cash and was debt-free.
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