August 11, 2010 / 10:28 PM / in 7 years

UPDATE 1-Silver Wheaton Q2 profit jumps on higher metal prices

* Q2 EPS $0.15 vs $0.06 a year ago

* Q2 sales more than double

* Backs 2010 production forecast

Aug 11 (Reuters) - Silver Wheaton Corp’s SLW.TO second-quarter profit nearly tripled, driven by higher average realized metal prices, and backed its 2010 production forecast.

Silver Wheaton, which buys silver byproducts from other miners and resells it, posted net earnings of $53.3 million, or 15 cents a share, compared with $18.4 million, or 6 cents a share, last year.

Sales more than doubled to $95.0 million.

The company sold 5,140 ounces of silver equivalent for an average realized price of $18.48 an ounce. Last year, it sold 2,950 ounces for $14.04 per ounce.

Operating cash flows increased to $67.0 million, compared with $26.5 million a year ago.

The company maintained its 2010 silver equivalent production forecast at 23.5 million ounces.

Shares of the company closed at C$20.13 Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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