Pan American Silver starts 2025 with record cash balance
NYSE- and TSX-listed Pan American Silver has entered 2025 with a record cash balance of $887.3-million, driven by robust production results and the sale of its La Arena mine in Peru to Chinese mining giant Zijin.
“We entered 2025 with cash and short-term investments totalling $887.3-million, positioning the company well to execute on its strategic priorities," said CEO Michael Steinmann.
He pointed out the company’s operational success in 2024, particularly at its flagship mines. “We are pleased to have delivered on our production guidance for 2024, driven by the back-end loaded production profile we had previously indicated. Notable performance was recorded at our two flagship operations: La Colorada and Jacobina.”
The La Colorada mine produced 1.6-million ounces of silver in the fourth quarter, demonstrating the benefit of the new ventilation infrastructure. Meanwhile, 197 000 oz of gold were produced from the Jacobina mine in 2024, the highest recorded production in the mine's history.
Pan American met its full-year production guidance for 2024, producing 21.1-million ounces of silver and 892 000 oz of gold. The company also achieved its yearly production targets for zinc, lead, and copper.
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