Major highlights for 2012 include:
• Record gold production of 112,300 ounces and record silver production of 25.1 million ounces.
• Record revenue of $928.6 million.
• Consolidated cash costs of $12.03 per ounce of silver, net of by-product credits.
• Mine operating earnings of $311.4 million.
• Net earnings of $87.5 million, or $0.62 per share.
• Adjusted earnings of $177.9 million, or $1.26 per share.
• Operating cash flows before changes in non-cash operating working capital of $215.5 million or $1.53 per share.
Plenty of opportunity for upside swing in price. Target $30 plus.
We just need to wait for silver to make it's move. At $40/oz PAAS will be well over $1B in revenues and several dollars per share net income and $35 will be a layup. But as long as silver is fiddle farting in the $20s we are stuck in the teens for now.
It's time for people who have a lot of gold to consider switching some into silver. Is gold 55 times more valuable per oz? When there is only 9x more produced every year, and stockpiles are actually lower than gold? When investors are buying it 1:1 or 2:1 ratio at all times?!? Knowing silver's supply and demand fundamentals?