Business
Pan American Silver Reports Second Quarter 2023 Results, Demonstrating Transformative Impact of Yamana Acquisition
Production up 55% for silver and 102% for gold compared with Q1 2023 151% increase in operating cash flow before working capital changes compared with Q1 2023
About this update from Pan American Silver Corp.
[{"type":"text","content":" Production up 55% for silver and 102% for gold compared with Q1 2023 151% increase in operating cash flow before working capital changes compared with Q1 2023 2023 guidance maintained All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts are in millions of U.S. dollars and thousands of shares, options, and warrants, except per share amounts, unless otherwise noted. VANCOUVER, British Columbia / Aug 09, 2023 / Business Wire / Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (\"Pan American\" or the \"Company\") today reported unaudited results for the quarter ended June 30, 2023 (\"Q2 2023\"), inclusive of the assets acquired through the Yamana Gold Inc. (\"Yamana\") transaction, which closed on March 31, 2023. \"Our Q2 2023 results show the significant enhancement in the scale and quality of our portfolio following the strategic acquisition of Yamana. Production is up 55% for silver and 102% for gold compared with the prior quarter, while the addition of three new low-cost producers provided tangible benefits to the Company's cost structure. Based on year-to-date production and costs, we are maintaining our guidance for 2023,\" said Michael Steinmann, President and Chief Executive Officer. \"Revenue of $639.9 million reflects the step change in our operating base, and drove a 151% increase in operating cash flow before working capital changes compared with Q1 2023. These results deliver on the benefits we had expected from the Yamana transaction, and have allowed us to repay a net $55.4 million of debt and distribute $36.4 million in dividends in the past quarter. We are also on track to meet our target of realizing $40 million to $60 million in synergies through the transaction.\" \"We have made significant progress on our commitment to optimize our portfolio by concluding agreements on the disposition of three non-core assets. On July 31, 2023, we announced the sales of Pan American's interests in the MARA project in Argentina, the Morococha mine in Peru, and the Agua de la Falda project in Chile, as well as non-core equity investments. These dispositions will significantly reduce project development, reclamation and care and maintenance costs going forward, and the cash proceeds will further strengthen our balance sheet. Pan American is well positioned to build on the momentum for grow...