VANCOUVER, May 10, 2013 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton"
or the "Company") (TSX:SLW) (NYSE: SLW) is pleased to announce that its
Board of Directors has amended the Company's dividend policy in order
to increase the stability of the dividend. Commencing immediately, the
quarterly dividend per common share will be equal to 20% of the average
cash generated by operating activities in the previous four quarters
divided by the Company's outstanding common shares at the time the
dividend is approved, all rounded to the nearest cent.
As a transitionary measure, however, the second quarterly dividend being
announced today has been calculated using the average cash generated by
operating activities for the trailing two quarters (fourth quarter of
2012 and first quarter of 2013). The third quarterly dividend in 2013
will be calculated using the average cash generated by operating
activities for the trailing three quarters (fourth quarter 2012, first
quarter 2013 and second quarter 2013), after which future quarterly
dividends will be calculated using the average cash generated by
operating activities for the trailing four quarters.
Based on the amended policy, the Board of Directors has declared its
second quarterly cash dividend for 2013 of US$0.12 per common share.
The quarterly dividend will be paid to holders of its common shares as
of the close of business on May 23, 2013, and will be distributed on or
about May 31, 2013. Under the previous dividend policy, the payout
would have been equal to 20% of the cash generated by operating
activities in the first quarter of 2013, or US$0.09 per common share.
The declaration, timing, amount and payment of future dividends remain
at the discretion of the Board of Directors. This dividend qualifies as
an 'eligible dividend' for Canadian income tax purposes.
About Silver Wheaton
Silver Wheaton is the largest precious metals streaming company in the
world. Based upon its current agreements, forecast 2013 attributable
production is approximately 33.5 million silver equivalent ounces1, including 145 thousand ounces of gold. By 2017, annual attributable
production is anticipated to increase significantly to approximately 53
million silver equivalent ounces1, including 180 thousand ounces of gold. This growth is driven by the
Company's portfolio of low-cost and long-life assets, including
precious metal streams on Barrick's Pascua-Lama project, Hudbay's
Constancia project, and Vale's Salobo and Sudbury mines.
1 Silver equivalent production forecast assumes a gold/silver ratio of
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
The information contained herein contains "forward-looking statements"
within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the meaning
of applicable Canadian securities legislation. Forward-looking
statements, which are all statements other than statements of
historical fact, include, but are not limited to, statements with
respect to the future price of silver and gold, the estimation of
mineral reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production, costs
of production, reserve determination, reserve conversion rates and
statements as to any future dividends. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Silver Wheaton to be materially different from those
expressed or implied by such forward-looking statements, including but
not limited to: fluctuations in the price of silver and gold; the
absence of control over mining operations from which Silver Wheaton
purchases silver or gold and risks related to these mining operations
including risks related to fluctuations in the price of the primary
commodities mined at such operations, actual results of mining and
exploration activities, economic and political risks of the
jurisdictions in which the mining operations are located and changes in
project parameters as plans continue to be refined; and differences in
the interpretation or application of tax laws and regulations; as well
as those factors discussed in the section entitled "Description of the
Business - Risk Factors" in Silver Wheaton's Annual Information Form
available on SEDAR at www.sedar.com and in Silver Wheaton's Form 40-F on file with the U.S. Securities and
Exchange Commission in Washington, D.C. Forward-looking statements are
based on assumptions management believes to be reasonable, including
but not limited to: the continued operation of the mining operations
from which Silver Wheaton purchases silver or gold, no material adverse
change in the market price of commodities, that the mining operations
will operate and the mining projects will be completed in accordance
with their public statements and achieve their stated production
outcomes, and such other assumptions and factors as set out herein.
Although Silver Wheaton has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to
be accurate. Accordingly, readers should not place undue reliance on
forward-looking statements. Silver Wheaton does not undertake to update
any forward-looking statements that are included or incorporated by
reference herein, except in accordance with applicable securities laws.
SOURCE: Silver Wheaton Corp.
For further information:
Vice President, Investor Relations
Silver Wheaton Corp.