Wheaton Precious Metals Corporation (WPM) 2005年年度报告「NYSE」.pdf

1、 Managements Discussion and Analysis of Results of Operations and Financial Condition The following should be read in conjunction with the Companys consolidated financial statements for the year ended December 31,2005 and related notes thereto which have been prepared in accordance with Canadian gen

2、erally accepted accounting principles.All figures are in United States dollars unless otherwise noted.This Managements Discussion and Analysis has been prepared as of March 3,2006.2005 HIGHLIGHTS Net earnings of$25.3 million($0.15 per share)from the sale of 9.7 million ounces of silver(four months e

3、nded December 31,2004 net earnings of$1.8 million($0.02 per share)from the sale of 1.5 million ounces).Operating cash flows of$30.0 million(four months ended December 31,2004-$8.4 million).Cash and cash equivalents at December 31,2005 of$117.7 million(December 31,2004-$20.0 million)and working capit

4、al of$118.7 million(December 31,2004-$18.1 million).Acquired 15%interest in Bear Creek Mining Corporation,developing the Corani silver project in Peru.In July,2005 the Company began trading on the AMEX under the symbol SLW.In December,2005 the Company raised gross proceeds of$86 million by way of pu

5、blic offering.The Company is debt free,unhedged and seeking further acquisitions.In February,2006,Silver Wheaton announced that it had agreed to amend its existing agreement with Goldcorp,whereby Silver Wheaton will acquire increased silver production from Goldcorp of more than 100 million ounces ov

6、er 24 years.In February,2006,Silver Wheaton announced that it has agreed to purchase 4.75 million ounces of silver per year,for a period of 20 years,from Glencore International AG,based on the production from their Yauliyacu mining operations in Per,increasing annual silver sales to 20 million ounce