Vancouver’s Silver Wheaton Corp. (TSX:SLW) reported a 195% increase in first quarter profit and a 129% increase in sales for the period ending March 31, 2010.
A 45% increase in the average realized silver price in the first quarter contributed to net profit rising to $44.6 million, up from $15.1 million.
Silver sales rose to $85.9 million from $37.6 million.
The price increase more than offset a slight increase in total cash costs of US$4.04 per ounce from US$3.97 per ounce in 2009.
The company forecasts it will produce approximately 23.5 million ounces of silver this year, a 35% increase compared to last year.
Silver Wheaton’s share price range during the past week: between $19.28 and $21.41; 52-week high: $21.41; 52-week low: $8.31.