Pan American Reports Solid Q2 Silver Production

Pan American Silver Corp. (TSX:PAA,NASDAQ:PAAS) announced its results for the second quarter of 2014, commenting that it put out 6.56 million ounces of silver and 37,700 ounces of gold. Those are increases of 6 and 26 percent, respectively.

Other Q2 highlights include:

• Dolores and La Colorada mines awarded ‘Casco de Plata’ Safety Award by Mexican Mining Chamber (‘CAMIMEX’) for industry-leading safety performance in 2013
• AISCSOS of $18.23, down 14% year-on-year
• Consolidated Cash Costs per Ounce of $12.06
• Revenue of $200.8 million
• Mine operating earnings of $10.2 million
• Net loss of $5.7 million or $(0.04) per share
• Adjusted earnings of $1.8 million or $0.01 per share
• Net cash generated from operating activities of $48.7 million, or $0.32 per share
• Total dividends paid to common shareholders of $18.9 million

Geoff Burns, president and CEO of Pan American, commented:

We had a solid second quarter with silver production and costs as expected. I was particularly pleased to see our operations generate cash flow of $0.32 per share, even with the average silver price the lowest it has been in the last 15 quarters. We made very good progress on our La Colorada expansion project and our Dolores Pad 3 construction. In addition, we completed a compelling preliminary economic assessment for the Dolores pulp agglomeration project, but made the prudent choice to defer our construction decision to further de-risk the project pending higher silver and gold prices. All in all, it was a good business quarter for Pan American.

Click here to read the full Pan American Silver Corp. (TSX:PAA,NASDAQ:PAAS) press release.