Pan American Silver reports preliminary 2019 operating results
Pan American Silver reported preliminary production results for Q4 and FY19. Silver production of 25.9 million ounces was in line with the revised guidance range. 2019 gold production was 559.2 thousand ounces. Zinc, lead and copper production was 67.6, 27.3 and 8.7 thousand tons, respectively. The La Colorada mine achieved an average mining and processing rate of over 2,100 tons per day, exceeding the targeted rate of 2,000 tons per day for 2019 and resulting in record annual silver, zinc and lead production. Pan American released an initial inferred mineral resource estimate for the La Colorada skarn deposit of 72.5 million tons, averaging 44 g/t silver, 0.17% copper, 2.02% lead and 4.40% zinc, assuming a cut-off value of $60 per ton after accounting for transportation, smelting and refining costs. Pan American repaid $60M. CEO Michael Steinmann stated, "2019 was a transformative year for Pan American and one of the most important in our 25-year history. We completed the Tahoe transaction and successfully integrated the new assets into our portfolio, capturing $25M-$30M in annual G&A synergies. (...) In addition, we advanced our skarn discovery at La Colorada and published an initial resource estimate of 72.5 million tonnes of polymetallic mineralization.(...)"