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(Kitco News) - Pan American Silver (NYSE: PAAS) (TSX: PAAS) yesterday announced its Q1 2023 silver production of 3.9 million ounces (Q1 2022: 4.9 million ounces) and gold production of 122.7 thousand ounces (Q1 2022: 131 thousand ounces).
In a press release, the company said that, as previously disclosed, Manantial Espejo has been placed on care and maintenance following the completion of mining at the end of 2022; some residual production was recorded for Q1 2023.
The company’s revenue was $390.3 million in Q1 2023 (Q1 2022: $439.9 million), inclusive of a negative $3.8 million price adjustment on open concentrate shipments.
PAAS also reported net earnings of $16.5 million or $0.08 basic earnings per share in Q1 2023 (Q1 2022: net earnings of $76.8 million or $0.36 per share), including $18.9 million in transaction and integration costs related to the Yamana transaction and $12.7 million in severance provisions. Adjusted earnings were $21.2 million ($0.10 basic adjusted earnings per share).
"Pan American reported solid results for the first quarter of 2023, with adjusted earnings of $0.10 per share," said Michael Steinmann, President and CEO. "Going forward, Pan American will be a significantly larger, more diversified company following our acquisition of Yamana. Our guidance for 2023 demonstrates the positive impact of the four new mines on production and costs, and we are excited by the growth opportunities the combined portfolio presents."
On March 31, 2023, Pan American completed its previously announced acquisition of all of the issued and outstanding common shares of Yamana Gold. The Yamana transaction added four producing mines to Pan American's portfolio: the Jacobina mining complex in Brazil, the El Peñon and Minera Florida mines in Chile, and the Cerro Moro mine in Argentina, plus several exploration and development projects in Chile, Brazil and Argentina.
Pan American is a leading producer of precious metals in the Americas, operating silver and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile and Brazil. The company also owns the Escobal mine in Guatemala that is currently not operating, and holds interests in exploration and development projects, including the Minera Agua Rica Alumbrera (MARA) project in Argentina.
