(Alliance News) - Wheaton Precious Metals Corp on Friday reported a fall in quarterly revenue as production dropped.

The Vancouver based mining company, which operates in South America, Canada and the US, said revenue in the first quarter of 2023 amounted to USD214.5 million, down 30% from USD307.2 million a year earlier. It said the decrease was mainly due to the cessation of production from Yauliyacu, 777 and Keno Hill.

Earnings before finance costs and income tax amounted to USD106.2 million, down 33% from USD159.6 million, and net earnings after tax dropped by 29% to USD111.4 million from USD157.5 million a year earlier.

The company said it produced gold equivalent ounces worth USD141.8 million in the quarter, down 14% from USD165.6 million a year earlier.

Chief Executive Officer Randy Smallwood said: "Wheaton's high-quality portfolio of long-life, low-cost assets delivered a solid performance to start the year, resulting in revenue of USD214 million and robust cash operating margins."

Looking ahead, Wheaton's estimated attributable production in 2023 is forecast to be 320,000 to 350,000 ounces of gold.

It declared a quarterly dividend of USD0.15 per share.

Shares were down 1.8% at 3,975.40 pence each on Friday morning in London.

By Xindi Wei, Alliance News reporter

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