Pan American Silver (NASDAQ: PAAS; TSX: PAAS) (“Pan American Silver”, or the “Company”) today announced preliminary operating results for the fourth quarter (“Q4”) and full year 2017, with annual silver production within the targeted range and consolidated cash costs per payable ounce of silver, net of by-product credits, (“Cash Costs”) below guidance.
Today, the Company also provided its 2018 guidance and three-year outlook for production and costs.
Michael Steinmann, company President and CEO said:
“The Company achieved decade-low consolidated cash costs of $4.55 per ounce in 2017, with silver production as targeted of 25 million ounces, exemplifying the high quality of our silver mining assets.
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. 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.”