Pan American Silver Corp. said Aug. 8 that it lowered its full-year cash cost guidance to between US$2.80 per ounce and US$3.80 per ounce after cash costs in the second quarter fell to a record low of 92 U.S. cents per ounce.
The Canadian miner's silver production in the three months ended June 30 was steady on a yearly basis at 6.3 million ounces of silver, with gold output rising to 53,370 ounces from 37,710 ounces.
All-in sustaining costs for the period dropped to US$6.45 per ounce of silver sold, from US$10.73 per ounce of silver sold a year earlier. Pan American Silver also revised down its full-year AISC guidance to a range of between US$8.50 per ounce and US$10.00 per ounce of silver sold.
The company's expected output for the full year remains at between 25.0 million ounces and 26.5 million ounces of silver.
Pan American Silver's second-quarter net earnings slightly rose yearly to US$36.7 million, or 24 cents per share, from US$36.0 million, or 23 cents per share.
Revenue came in at US$216.5 million, rising from US$201.3 million. Mine operating earnings spiked 22% yearly to US$54.9 million, due to increased throughput from its expansions at the La Colorada and Dolores mines in Mexico, as well as strong performances and low costs at its operations.
In the three-month period, the La Colorada mine increased production to 1.9 million ounces of silver and 1,050 ounces of gold, while the Dolores mine's output rose to 1.1 million ounces of silver and 39,750 ounces of gold.
Meanwhile, the miner's board approved a dividend of 3.5 cents per share, payable on or about Aug. 31.