Business
Pan American Silver Produced a Record 26.1 Million Silver Ounces and 161,500 Gold Ounces in 2014
(All amounts expressed in US$ unless otherwise indicated. Results are preliminary and could...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n(All amounts expressed in US$ unless otherwise indicated. Results are preliminary and could change based on final audited financial results)\n\n\n\nVANCOUVER, Jan. 19, 2015 /CNW/ - Pan American Silver Corp. (\"Pan American\" or the \"Company\") (PAAS: NASDAQ; PAA: TSX) produced 6.75 million ounces of silver at its seven operating mines during the fourth quarter of 2014, posting a silver production record of 26.11 million ounces for the full year. In addition, the Company produced 43,900 ounces of gold during the fourth quarter of 2014, boosting the Company's consolidated gold production to an annual record of 161,500 ounces, an 8% increase compared to 2013.\n\n\n\n\n\n\nFourth Quarter 2014 Preliminary Unaudited Operational Highlights(1)\n\n\n\n\nSilver production was 6.75 million ounces, slightly lower than the 6.80 million ounces produced in the fourth quarter of 2013 \nGold production was 43,900 ounces, 5% lower than in the fourth quarter of 2013 \nPreliminary consolidated cash costs were $11.92 per payable ounce of silver, net of by-product credits\n\n\n2014 Full-Year Preliminary Unaudited Operational Highlights(1)\n\n\n\n\nRecord silver production of 26.11 million ounces, a small increase from 2013  \nRecord gold production of 161,500 ounces, an 8% increase from 2013 \nPreliminary consolidated cash costs were well below annual forecast at $11.46(2) per payable ounce of silver, net of by-product credits \n\n\n(1)\n\n\nCash costs per payable ounce of silver produced, net of by-product credits, for both the fourth quarter and full-year 2014 are considered preliminary and could change based on final audited financial results. Cash costs per payable ounce of silver produced is a non-GAAP measure. Cash costs does not have a standardized meaning prescribed by the International Financial Reporting Standards (\"IFRS\") as an indicator of performance. Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. The Company's method of calculating cash costs may differ from the methods used by other entities and, accordingly, the Company's cash costs may not be comparable to similarly titled measures used by other entities. This measure is a non-GAAP measure and rea...