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Wednesday, Feb 8, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Silver

Pan American Silver Q4 and year end production results within guidance ranges

The company produced 18.5 million ounces of silver in 2022

Pan American Silver
Photo by Scottsdale Mint via Unsplash

Pan American Silver (NASDAQ: PAAS) (TSX: PAAS) announced its production results for Q4 and the full year 2022.

The company produced 18.5 million ounces of silver in 2022. Consequently this is within the guidance range of 18 to 18.5 million ounces the company set on November 9, 2022. It’s also only slightly under its original guidance of 19 to 20.5 million ounces from February 23, 2022.

Pan American produced 552.5 thousand ounces, which is well within the original guidance range of 550 to 605 thousand ounces.

Also, the company produced 38 thousand tonnes of zinc. Consequently, this is between the 35-40 thousand tonnes it stated in its guidance.

In conclusion, copper production was within 5 thousand tonnes and slightly below guidance originally set at 5.5 to 6.5 thousand tonnes.

“I am very pleased with our team’s efforts to deliver production results in line with our guidance for 2022. Q4 2022 results were led by strong production at Shahuindo and La Arena, as expected,” said Michael Steinmann, president and chief executive officer.

Read more: 2023 will be a ‘very strong’ year for gold mining: NevGold

Read more: NevGold’s oxide gold drill program in Nevada finds positive results

Pan American to combine with Yamana Gold

The company aims to release its operating costs alongside its audited results for Q4, 2022 and the year 2022 on February 22, 2023 after the markets close. For right now, though, its working with Yamana Gold (TSX:YRI) on facilitating its agreement with Agnico Eagle Mines (TSX: AEM). Pan American is acquiring Yamana after Yamana finishes a deal with Agnico that unloads its Canadian assets and partnerships to Agnico Eagle Mines.

Pan American anticipates delivering its annual production and cost guidance for 2023 for the new company after the arrangement has been completed.

 

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