Mining News
Pan American Silver Expects Higher Output Over Next Three Years
(Kitco News) - Pan American Silver Corp. (Nasdaq, TSX: PAAS), the world’s second-largest primary silver producer, is projecting that its output of silver will climb over the next three years.
Officials released production data showing fourth-quarter output of 6.6 million silver ounces and 43,700 ounces of gold. This brings the full-year totals to 25 million ounces of silver and 160,000 ounces of gold. Both are within guidance.
Further, Pan American said it achieved a decade-low consolidated cash costs of $4.55 per silver ounce in 2017, after by-product credits. The company also produces zinc, lead and copper.
For 2018, Pan American projected silver production of between 25 million and 26.5 million ounces. Gold output was put at 175,000 to 185,000.
“With the completion of our mine expansions in Mexico in 2017, we are now focused on ramping up production from these long-life mines to design capacity rates,” said Michael Steinmann, president and chief executive officer. “Over the next three years, we expect silver production to grow at an annual compounded rate of 8%, reaching 30.5 to 33.0 million ounces by 2020."
