HIGHLIGHTS
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Record net earnings of US$142 million ($0.25 per share) for 2004, an increase of 146% compared with US$58 million ($0.14 per share) in 2003.
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Fourth quarter net earnings of US$56 million ($0.10 per share), double 2003 earnings of US$28 million ($0.06 per share).
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Silver Wheaton transaction completed in October, 2004, which resulted in Wheaton holding 65% of a pure silver company having a market capitalization of approximately US$530 million (Wheaton’s share - US$345 million).
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Goldcorp merger successfully completed in February 2005 to create the world’s lowest cost, million ounce gold producer with combined 2005 gold production expected to exceed 1.1 million ounces of gold at less than US$60 per ounce.
Wheaton River Minerals Ltd. (Vancouver, British Columbia) is pleased to report a 146% increase in 2004 net earnings to US$142 million (US$0.25 per share) compared with US$58 million (US$0.14 per share) in 2003. Operating cash flows for the year were US$208 million, or US$0.37 per share (2003 – US$127 million, or US$0.31 per share).
During the year, Wheaton sold 606,500 gold equivalent ounces at a total cash cost of minus US$30 per ounce (net of by-product copper sales). This compared with sales of 450,100 gold equivalent ounces at a total cash cost of US$61 per ounce in 2003.
Net earnings for the three months ended December 31, 2004 amounted to US$56 million (US$0.10 per share), double the 2003 earnings of US$28 million (US$0.06 per share). For the three months, 151,600 gold equivalent ounces were sold at a total cash cost of minus US$34 per ounce (net of by-product copper sales), compared with 2003 sales of 156,000 gold equivalent ounces at a total cash cost of minus $39 per ounce. Operating cash flows for the fourth quarter were US$61 million, or US$0.11 per share (2003 – US$65 million, or US$0.12 per share).
“Wheaton’s operations continue to outperform market expectations on all metrics,” said Ian Telfer,who was recently appointed President and CEO of Goldcorp . “The combination of Wheaton’s exceptional asset base with Goldcorp’s high grade operations creates a new world class gold producer. Significant organic growth is expected over the next two years with a further 35% increase in production, due to project commissioning at Amapari and Los Filos, as well as the expansion of Red Lake Mine. We are excited about the year ahead and will continue to grow through acquisition to take Goldcorp production to over 2 million ounces of gold annually. The combined company has a strong balance sheet with over US$500 million in cash and gold bullion, and has no debt. ”
A conference call will be held Tuesday, March 8th at 11:00 am (ET) to discuss these results. You may join the call by dialing toll free 1-866-902-2211, or (416) 695-6120 for calls from outside of Canada and the US. The conference call will be recorded and you can listen to a playback of the call after the event by dialing 1-866-518-1010 or (416) 695-5275. A live and archived audio webcast will be available on the website at www.wheatonriver.com.
Cautionary Note Regarding Forward Looking Statements
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, silver and copper, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Wheaton to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, silver and copper, as well as those factors discussed in the section entitled “General Development of the Business – Risks of the Business” in Wheaton’s Form 40-F dated May 18, 2004 on file with the Securities and Exchange Commission in Washington, D.C. and Wheaton’s Renewal Annual Information Form dated May 12, 2004 on file with the securities regulatory authorities in Canada. Although Wheaton has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.For further information please contact Wheaton River Minerals Ltd. Investor Relations at 1-604-696-3011 or email ir@wheatonriver.com.
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