Wheaton River Minerals Ltd. today reported net earnings of US$11.1 million (US$0.03 per share) for the three months ended June 30, 2003, a five-fold increase in comparison with 2002 net earnings of US$1.8 million (US$0.02 per share). A total of 112,400 gold equivalent ounces (92,600 ounces of gold and 1.5 million ounces of silver) were sold during the quarter at a total cash cost of US$90 per gold equivalent ounce (net of copper credits). Copper sales for the quarter totalled 28 million pounds. Net earnings for the first six months of 2003 amounted to US$15.2 million, an increase of 630% compared with 2002 six months earnings of US$2.1 million. Earnings per share increased significantly from US$0.02 per share in 2002 to US$0.05 per share in 2003. For the six months, 168,000 gold equivalent ounces (127,700 ounces of gold and 3.1 million ounces of silver) were sold at a total cash cost of $119 per gold equivalent ounce (net of copper credits). Copper sales for the six months totalled 32 million pounds. During the six months to June 30, 2003, Wheaton successfully acquired a 37.5% interest in the Alumbrera gold/copper mine in Argentina and 100% of the Peak gold mine in Australia. As a result, total assets have quadrupled during the period, from US$152 million at December 31, 2002 to US$618 million at June 30, 2003. "Wheaton's record performance reflects our focused growth strategy and the strong operating results of each of our mines," stated Ian Telfer, Chairman and Chief Executive Officer. "Earnings and cash flows are expected to be further enhanced in the third quarter of 2003 when the Company's June 24, 2003 acquisition of an additional 12.5% interest in Alumbrera is included for an entire three month period." Wheaton expects production for the forthcoming twelve months to exceed 500,000 gold equivalent ounces (425,000 ounces of gold and 6 million ounces of silver) at an estimated cash cost of approximately US$100 per gold equivalent ounce (net of copper credits).
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