By Adriano Marchese
Shares in Wheaton Precious Metals Corp. were lower mid-morning after the company said it will divest a silver stream in Peru to a subsidiary of Glencore PLC for $150 million, lowering its average production over the course of the decade.
At 10:55 a.m. ET, shares were trading 1.4% lower at C$41.55.
On Thursday after markets closed, the Canadian precious metals streaming company said it has agreed to terminate the stream to help the sale by Glencore of the Yauliyacu mine.
As a result of the transaction, Wheaton said it expects its annual production over the next five years to fall to around an average of 800,000 gold equivalent ounces.
Previously, it had set a target of an average of 820,000 ounces a year for the period.
Production also is expected to be lower over the longer term, Wheaton Said, with average production expected to be around 850,000 ounces a year until the end of 2031, down from a previous target for an average of 870,000 ounces a year.
For this year, production targets are still maintained at between 640,000 and 680,000 ounces.
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires