U.S. Markets close in 2 hrs 13 mins

Pan American Silver reports Q4 silver production of 6.8M ounces

Pan American Silver said it produced 6.8M ounces of silver at its seven operating mines during Q4, setting a new consolidated production record of 26M silver ounces for fiscal 2013, in-line with the upper end of its annual guidance. Pan American also set a new quarterly production record for gold at 46,200 ounces, boosting 2013's annual gold production to 149,800 ounces. The said reported preliminary, consolidated cash costs of $9.56 per ounce of silver, net of by-product credits, a decrease of 19% from the Q4 of last year. Pan American Silver expects its seven mines to produce between 25.75M-26.75M ounces of silver in 2014, a modest increase from 2013. Gold production is expected to increase to between 155,000-165,000 ounces. This year, Pan American anticipates base metals production to remain consistent with 2013's levels and forecasts full-year 2014 consolidated production of between 39,500 tonnes to 42,500 tonnes of zinc, 12,700 tonnes to 13,700 tonnes of lead, and 5,200 tonnes to 5,700 tonnes of copper. In 2014, Pan American plans to spend $95.5M on sustaining capital and a further $67M on long term projects