VANCOUVER, Aug. 9, 2017 /CNW/ – Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) (“Pan American”, or the “Company”) today reported unaudited net earnings of $36.0 million($0.23 basic earnings per share) for the second quarter ended June 30, 2017 (“Q2 2017”) compared with $34.2 million ($0.22 basic earnings per share) in the second quarter of 2016 (“Q2 2016”). Adjusted earnings were $22.3 million ($0.15 basic adjusted earnings per share) compared with $18.0 million ($0.12 basic adjusted earnings per share) in Q2 2016.
“Pan American operations generated strong earnings in the quarter on revenues that topped $200 million. Silver production is on pace to achieve our annual targeted range, while costs are tracking well below. We have now reduced our estimate for cash costs and AISCSOS in 2017 by 14% and 10%, respectively, from the mid-point of our original guidance,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The longer term outlook for operations is also encouraging with excellent progress on our mine expansions in Mexico and our two new projects in Argentina. Throughput at La Colorada achieved design rates of 1,800 tonnes per day in June, six months ahead of plan. At Dolores, commissioning of the new pulp agglomeration plant has begun and the underground mine has been delivering low-grade development muck to the heap. As we saw during Q2 with La Colorada, these expansions improve our operating margins through growth in low-cost production.”