Wheaton Precious Metals has successfully met its 2023 production guidance, thanks to standout performances from its Salobo and Constancia assets. In addition to meeting current production goals, the company has laid groundwork for future growth by securing agreements for eight development assets, aiming for a 40% increase in production over the next five years.
While 2024 production levels are expected to remain consistent with 2023, Wheaton anticipates growth as several assets are projected to commence operations by the end of the year. The company’s CEO, Randy Smallwood, highlighted Wheaton’s unique position in the market, thanks to its diversified, high-quality asset portfolio and a strong balance sheet that positions it for further growth in the precious metals sector.
In 2023, Wheaton’s attributable production of gold, silver, and other metals closely aligned with its guidance, with significant contributions from the Salobo and Constancia operations. However, challenges such as labor disputes and operational suspensions at Peñasquito, Minto, and Aljustrel impacted overall production. Despite these setbacks, Wheaton has adjusted its commodity price assumptions for 2024, which influences gold equivalent calculations.
For 2024, Wheaton forecasts gold equivalent production to be in line with 2023 figures. The company expects increased production from Peñasquito and Voisey’s Bay, balanced by lower production from Salobo and suspended operations at Minto and Aljustrel. Notably, production from the Blackwater and Platreef Projects is anticipated to begin in Q4 2024.
Wheaton’s strategic adjustments and the commencement of new projects are poised to drive long-term production growth, with targets surpassing 800,000 gold equivalent ounces by 2028 and maintaining an average annual production of over 850,000 ounces in the following years. The company remains committed to leveraging its portfolio and market position to foster sustainable growth in the precious metals industry. 
