Pan American Silver Expects Higher Output Over Next Three Years
(Kitco News) - Pan American Silver Corp.(Nasdaq, TSX: PAAS), the world’s second-largestprimary silver producer, is projecting that its output of silver will climbover the next three years.
Officials released productiondata showing fourth-quarter output of 6.6 million silver ounces and 43,700ounces of gold. This brings the full-year totals to 25 million ounces of silverand 160,000 ounces of gold. Both are within guidance.
Further, Pan American said it achieved a decade-lowconsolidated cash costs of $4.55 per silverounce in 2017, after by-product credits. The company also produces zinc, leadand copper.
For 2018,Pan American projected silver production of between 25 million and 26.5 millionounces. Gold output was put at 175,000 to 185,000.
“With thecompletion of our mine expansions in Mexico in2017, we are now focused on ramping up production from these long-life mines todesign capacity rates,” said Michael Steinmann, presidentand chief executive officer. “Over the next three years, we expect silverproduction to grow at an annual compounded rate of 8%, reaching 30.5 to 33.0million ounces by 2020."
By Allen SykoraFor Kitco News
Follow @AllenSykora
asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.