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Wheaton Precious Metals Corp on Friday said earnings declined and production largely weakened in the first quarter of 2022.
The Vancouver-based investor in precious metal mining through royalty and streaming deals said revenue declined 5.2% annually to $307.2 million in the first quarter of 2022, from $324.2 1 million.
Adjusted net earnings fell 2.8% year-on-year to $157.5 million from $162.0 million.
The company also declared a quarterly dividend of $0.5 per common share, an increase of 7% relative to the comparable period in 2021.
Chief Executive Officer Randy Smallwood said: ‘In the first three months of 2022, we added two new streams and increased our interest in a pre-existing stream. In addition, we took a significant step in strengthening our environmental, social and governance strategy by formalizing our climate change policy, including setting a goal of reaching net zero carbon emissions by 2050.
‘The year is off to a good start, and I look forward to advancing on all of our initiatives throughout the year in order to continue building a strong, sustainable business, that delivers value and growth to all of our stakeholders.’
First quarter gold output alone rose 0.7% annually to 79,087 ounces. Silver output, however, fell 8.3% and palladium and cobalt production were down 22% and 80%, respectively.
Gold equivalent production fell 13% to 171,367 ounces.
Wheaton Precious Metals shares were down 2.2% at 3,530.00 pence each on Friday afternoon in London.
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