Pan American Silver (PAA.TO) may bounce back from Thursday’s losses after achieving important milestones at its two mine expansion projects currently underway in Mexico, which are expected to bring in cost savings to the company. At La Colorada mine, the new 618-meter deep shaft was commissioned in fully automatic mode in early September, ahead of schedule. Work remaining to be completed includes a new filter plant, power line and underground development.
The project is now expected to be completed approximately 5% to 10% under budget. At Dolores mine, the power line that connects the mine to the national power grid was energized in early September. The new power line was completed on budget and is expected to result in annual savings of about $9 million. The stock lost 1% on Thursday, moving at the top half of 52-week range $7.85 – $27.56.
About 700,818 shares traded hands or 58.02% up from the average. Pan American Silver Corp. (TSE:PAA) has risen 104.18% since February 5, 2016 and is uptrending. It has outperformed by 87.69% the S&P500.
Pan American Silver Corp. is engaged in the production and sale of silver, gold and base metals including copper, lead and zinc, as well as other related activities, including exploration, extraction, processing, refining and reclamation. The company has a market cap of $3.59 billion. The Company’s primary product (silver) is produced in Peru, Mexico, Argentina and Bolivia. It currently has negative earnings. The Firm has project development activities in Peru, Mexico and Argentina, and exploration activities throughout South America, Mexico, and the United States.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.