August 12, 2010 / 4:02 PM / 8 years ago

Gold Wheaton shares soar on better-than-expected Q2 profit

Aug 12 (Reuters) - Shares of Gold Wheaton Gold Corp GLW.TO rose 9 percent on Thursday, a day after the company’s second-quarter profit beat consensus estimates.

The Canadian company’s net income for the quarter was $12 million, or 8 cents a share, compared with $0.2 million, or breakeven per share, last year. [ID:nWNAB6825]

The company, which sells gold and other precious metals, said deliveries from its suppliers, including FNX Mining Co FNX.TO and First Uranium Corp FIU.TO, rose 33 percent to 23,258 gold equivalent ounces, above at least two analysts’ estimates.

RBC Capital Markets analyst Adam Schatzker said, “operationally, this was a good quarter for Gold Wheaton.”

Schatzker said the risk to Gold Wheaton shareholders have been reduced with First Uranium’s financing in April and its review of its operations and revised mine plans.

On July 29, First Uranium announced the completion of ramp-up of its Ezulwini mine in South Africa. It is one of the major mines from which Gold Wheaton gets gold.

Shares of the Gold Wheaton were trading up 25 Canadian cents at C$3.05 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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