SMM11, July 7: pan am (Pan American) said late Tuesday that its metal production in 2018 remained normal in the third quarter, with gold, silver, lead and zinc production all rising, while copper production fell slightly. The Vancouver-based company is the world's second-largest silver producer, mining 6.3 million ounces of silver between July and September, up from 5.6 million ounces a year earlier.
Production of zinc, lead and copper was 16700 tonnes, 5700 tonnes and 2800 tonnes respectively, compared with 14100 tonnes, 5300 tonnes and 3700 tonnes respectively in the same period last year.
Pan am President and Chief Executive Officer Michael Steinmann said in a statement that production at Pan am's La Colorada underground polymetallic mine in Zacatecas, Mexico, exceeded expectations.
Pan am reported a net loss of $9.2 million, or 6 cents a share, for the third quarter, with total revenue of $187.7 million, down slightly from $190 million a year earlier. Steinmann said the fall in metal prices "had a significant impact on both concentrate shipment settlement and inventory adjustments", which combined reduced quarterly profits by about $33.2 million.
The company said it expected to invest about $40 million in projects by 2018, down from a previous estimate of $50 million.
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