65.64 F
London
June 17, 2024
PI Global Investments
Silver

Pan American Silver’s 2023 Silver Production Misses Targets, Gold In Range; 2024 Targets Set — Commodity Comment


Published: Jan. 17, 2024 at 7:09 a.m. ET

By Adriano Marchese

Pan American Silver saw consolidated silver and zinc production miss its targets in 2023, while gold, lead and copper production were within its guidance.

The company credits its performance to the addition of assets from its acquisition of Yamana Gold earlier in the year.

On…

By Adriano Marchese

Pan American Silver saw consolidated silver and zinc production miss its targets in 2023, while gold, lead and copper production were within its guidance.

The company credits its performance to the addition of assets from its acquisition of Yamana Gold earlier in the year.

On production:

Consolidated silver production came to 20.4 million ounces in 2023. This was slightly below the 2023 guidance range of 21 to 23 million ounces. Silver production increased by 11% compared with 2022.

Consolidated gold production came to 882,900 ounces, within the company’s guided range of between 870,000 and 970,000 ounces. Gold production increased by 60% compared with 2022. The Jacobina mine in Brazil produced a record 196,100 ounces in the year, including the first three months of 2023 prior to Pan American’s acquisition of the mine for a total of 147,800 ounces under Pan American’s ownership.

Consolidated zinc production was about 38.8 thousand metric tons, below guidance of 41,000 to 45,000 tons.

Lead production came to about 18,700 tons, within the guided range of 18,000 to 21,000 tons.

Copper production was about 5,000 ton, in-line with guidance.

On 2024 guidance:

“We expect 2024 to deliver a further increase in silver and gold production relative to 2023, with a full year contribution from the acquired operations,” Chief Executive Michael Steinmann said.

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.

Write to Adriano Marchese at adriano.marchese@wsj.com



Source link

Related posts

Songs may help protect silver-haired bats from wind turbines

D.William

Nike Zoom Vomero 5 Light Silver FN6742-001

D.William

Amy Jackson dazzles in silver corset gown alongside beau Ed Westwick at the BAFTA Awards : Bollywood News

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.