Silver Wheaton (SLW) Getting 7 Million Ounces of Silver from Goldcorp (GG) Annually

Goldcorp (NYSE:GG) is projected to be among the top gold mining performers in 2011, based upon its new silver and gold mine, Penasquito.

The good news for silver royalty company Silver Wheaton (NYSE:SLW) will get about 7 million of the estimated 28 million ounces of silver produced from the mine on an annual basis.

That adds to the already significant silver the royalty company has under contract at this time.

To get an idea of the probability of production reaching those levels, in the first quarter of production, Penasquito produced 4.6 million ounces of silver. The mine has proven and probable silver reserves of about 1.1 billion ounces; not a bad future for Silver Wheaton.

Silver Wheaton closed Tuesday at $42.49, gaining $0.40, or 0.95 percent.