Pan American Silver reports preliminary Q4 and 2016 operating results
Pan American Silver reported its preliminary operating results for Q4 and 2016. Silver production was 6.3M ounces for Q4 and 25.4M ounces for 2016. Record annual silver production at La Colorada and San Vicente and year-over-year production growth at Huaron and Morococha were offset by annual silver production declines at Dolores, Alamo Dorado and Manantial Espejo. Record annual gold production of 183.9 thousand ounces was within guidance, while Q4 gold production was 43.9 thousand ounces. Base metals production beat the company's guidance. New annual production records were achieved for both zinc and lead with 51.9K tons and 20.2K tons in 2016, respectively. Copper production was 14.4K tons in 2016. Annual consolidated cash costs of $6.29 were at the lower end of the guidance. Major projects were well advanced during 2016, with Pan American achieving its targeted milestones for its two mine expansions in Mexico. At Dolores, progress on construction of the new pulp agglomeration plant and development of the new underground mine were achieved, while a new power line connecting the mine to the national grid was completed and energized.