Wheaton Precious Metals Corporation (WPM) 2007年年度报告「NYSE」.pdf

1、Annual Report the story behind the numbers 01PURE SILVER COMPANYSilver Wheaton is the largest pure silver company in the world,expecting to sell approximately 15 million ounces of silver in 2008 and growing to 25 million ounces by 2010,without any capital expenditures being required to generate that

2、 growth.The Company has long term contracts to purchase all or a portion of the silver production from mines in Mexico,Sweden,Peru,Greece and the United States,at a low fixed cost.Silver Wheatons unique and simple business model is designed to create long term shareholder value,providing the best le

3、verage to increases in the silver price while mitigating downside risks.Silver Wheaton is unhedged and well positioned for further growth.2007 year in review COMPANY HIGHLIGHTSRecord 2007 financial results,with net earnings of$92 million($0.41 per share)and operating cash flows of$119 million($0.54

4、per share)from the sale of 13.1 million ounces of silver.With 2007 investments in silver purchase contracts(Peasquito and Stratoni)totaling$558 million,annual silver sales are expected to almost double to 25 million ounces by 2010 without any further capital expenditures,boosting long term cash flow

5、 per share by more than 30%per annum.In early 2008,Goldcorp sold its entire 48%interest in Silver Wheaton,on a bought deal basis,for aggregate gross cash proceeds of Cdn$1.6 billion.This results in Silver Wheaton having a much stronger and more diversified shareholder base going forward.The company

6、has continued to deliver on its promise of further accretive growth,with the announcement of three more silver purchase contract acquisitions since December 2007,which are expected to boost long term silver sales by more than 2 million ounces a year.11/14/2004Zinkgruvan Silver Stream10/15/2004Luismi