Business
Pan American Silver increases silver and gold production in the second quarter of 2014
(Unaudited Results. All amounts in US$ unless otherwise stated. Approximate prod...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n\n(Unaudited Results. All amounts in US$ unless otherwise\n stated. Approximate production figures.)\n\n\nVANCOUVER, Aug. 13, 2014 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAA) (the \"Company\", or \"Pan American\") produced\n 6.56 million ounces of silver and 37,700 ounces of gold during the\n second quarter of 2014, an increase of 6% and 26%, respectively from\n the second quarter of 2013. All-in sustaining costs per silver ounce\n sold, net of by-product credits (\"AISCSOS\"), declined 14% from the\n second quarter of 2013 to $18.23 per silver ounce. The Company also\n posted consolidated cash costs per payable silver ounce produced, net\n of by-product credits (\"Cash Costs per Ounce\") of $12.06, similar to\n the $12.09 recorded in the second quarter of 2013. Year-to-date, Pan\n American has produced 13.18 million ounces of silver and 83,600 ounces\n of gold at AISCSOS of $16.82 and Cash Costs per Ounce of $10.15.\n\n\n\n\n\n\n\nSecond Quarter 2014 Highlights (unaudited)(1)\n\n\n\n\n\n\nSilver production of 6.56 million ounces, up 6%\n\n\nGold production of 37,700 ounces, up 26%\n\n\nDolores and La Colorada mines awarded \"Casco de Plata\" Safety Award by\n Mexican Mining Chamber (\"CAMIMEX\") for industry-leading safety\n performance in 2013\n\n\nAISCSOS(2) of $18.23, down 14% year-on-year\n\n\nConsolidated Cash Costs per Ounce(3) of $12.06\n\n\nRevenue of $200.8 million\n\n\nMine operating earnings(4) of $10.2 million\n\n\nNet loss of $5.7 million or $(0.04) per share\n\n\nAdjusted earnings(5) of $1.8 million or $0.01 per share\n\n\nNet cash generated from operating activities of $48.7 million, or $0.32\n per share\n\n\nTotal dividends paid to common shareholders of $18.9 million\n\n\n\n\n\n\n\nFinancial Position at June 30, 2014\n\n\n\n\n\n\n\nCash and short term investments of $381.6 million\n\n\nWorking capital of $647.5 million\n\n\nTotal debt of $47.4 million\n\n\n\n\n\n\n\n\n\n\n\n\n(1)     \n\n\nFinancial information in this news release is based on International\n Financial Reporting Standards (\"IFRS\"); results are unaudited;\n percentages compare the second quarter of 2014 against the second\n quarter of 2013.\n\n\n\n\n(2)     \n\n\nAll-in sustaining costs per silver ounce sold (\"AISCSOS\") is a non-GAAP\n measure. The Company has ad...