- Pan American Silver (PAAS +11.6%) maintains strong gains following its easy Q2 earnings beat, which it attributes to higher commodity prices and lower selling costs even as Q2 silver production of 6.3M oz. was flat Y/Y and gold production fell 22% to 37.7K oz.
- PAAS says silver production for H1 totaled 12.5M oz., meaning the company is on track to achieve its full-year targeted range of 24.5M-26M oz., and H1 gold production was 75.4K oz.; given higher anticipated production for the rest of the year at the Dolores mine in Mexico, PAAS reaffirms its FY 2017 gold production guidance of 155K-165K oz.
- PAAS also says Q2 all-in sustaining costs per silver oz. sold fell 5% to $10.73 from $11.31 at this time last year; these factors as well as better than expected progress on the mine expansion program prompt the company to lower its estimate for full-year all-in sustaining costs by ~10% to $10.50-$11.50 from $11.50-$12.90.
- Now read: Pan American Silver: What Now?
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