Pan Am Silver beats by $0.12, beats on revs :
- Reports Q3 (Sep) earnings of $0.28 per share, $0.12 better than the Capital IQ Consensus of $0.16; revenues rose 46.6% year/year to $233.7 mln vs the $194.75 mln Capital IQ Consensus.
- Silver production in Q3 2016 was 6.36 million ounces compared with 6.61 million ounces in Q3 2015. The decrease reflects anticipated production declines at Alamo Dorado, with the mine reaching the end of its life, and at Dolores due to lower grades from mine sequencing.
- The decreases at these mines were partially offset by higher silver production at La Colorada, Morococha and Huaron.
- Silver production in 2016 is pacing ahead of plan, and we are now raising our outlook for silver production in 2016 to 25.0 to 25.7 million ounces.
- Gold production was 50.4 thousand ounces in the third quarter of 2016 and 140.0 thousand ounces in the nine-month period of 2016, in line with guidance.
- Operations continue to perform well across all of our mines, leading us to increase our production outlook and further reduce our cost estimates for the year.
- Co now expects to produce 25 to 25.7 million ounces of silver in 2016 at a cash cost of $6.25 to $7.00 per ounce.
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