August 8, 2011 / 11:04 AM / 8 years ago

UPDATE 1-Silver Wheaton Q2 profit jumps on robust prices

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Aug 8 (Reuters) - Silver Wheaton Corp reported a nearly ten-times jump in second-quarter profit due mainly to higher silver and gold prices, and said its 2015 attributable production forecast remains unchanged.

For the April-June quarter, net profit rose to $148.1 million, or 42 cents a share, from $15.3 million, or 4 cents a share, a year ago.

Sales for the company, which provides up-front financing to miners in exchange for the right to buy their silver by-product, more than doubled to $194.8 million.

Operating cash flows jumped 151 percent to $168.3 million, or 48 cents a share.

Average realized selling price of silver and gold jumped 108 percent and 24 percent, respectively.

Attributable silver equivalent production was up 5 percent to 6.2 million ounces.

In July, the company lowered its full-year attributable production outlook, blaming a slow ramp-up at Goldcorp’s Penasquito mine in Mexico.

Silver Wheaton has the right to 25 percent of silver production at Penasquito, which is Mexico’s largest open-pit mine. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Joyjeet Das)

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