Consolidated Silver and Zinc Production Below Targets
Pan American Silver, a leading mining company, reported that its consolidated silver and zinc production fell short of targets in 2023. However, the company achieved its production goals for gold, lead, and copper, thanks to the acquisition of assets from Yamana Gold earlier in the year.
Silver Production
Despite a minor shortfall, consolidated silver production reached 20.4 million ounces in 2023, showing an 11% increase compared to the previous year. While slightly below the guidance range of 21 to 23 million ounces, this growth is still commendable.
Gold Production
Consolidated gold production stood at 882,900 ounces, falling within the company’s guided range of 870,000 to 970,000 ounces. The impressive 60% increase compared to 2022 can be attributed to the outstanding performance of the Jacobina mine in Brazil, which contributed a record-breaking 196,100 ounces. It is worth noting that this achievement includes the first three months of 2023 before Pan American’s acquisition of the mine, accounting for a total of 147,800 ounces under Pan American’s ownership.
Zinc, Lead, and Copper Production
Consolidated zinc production reached about 38.8 thousand metric tons, slightly below the guidance of 41,000 to 45,000 tons. On the other hand, lead production amounted to approximately 18,700 tons, falling well within the guided range of 18,000 to 21,000 tons. Copper production met expectations, totaling about 5,000 tons.
Outlook for 2024: Optimistic Growth Projections
Looking ahead to 2024, Chief Executive Michael Steinmann expressed confidence in Pan American Silver’s potential for further growth in silver and gold production. With a full year contribution from the recently acquired operations, the company has set targets of between 21 million and 23 million ounces of silver and between 880,000 and 1 million ounces of gold.
