Operations
Building the right projects to grow value.
- 288 Moz Silver Reserves, Proven + Probable*
- 25 Moz Silver Produced*
- $4.55 Cash Costs per Ounce*
Diversified Portfolio
We own and operate six mines in Mexico, Peru, Bolivia and Argentina. The respective silver production in 2017 from each operating jurisdiction is provided below.
Mexico
Peru
Bolivia
Argentina
Operating Mines
Pan American Silver has a diversified portfolio of mining and exploration assets located throughout Latin America. We are ramping up production from our two expansions in Mexico, and building two new mines in Argentina.
La Colorada
The expansion of our La Colorada mine achieved design throughput rates of 1,800 tonnes per day by mid-2017, six months ahead of schedule. The improvement in efficiency and productivity is resulting in lower costs and higher silver, zinc and lead production.
| Location: | Zacatecas, Mexico |
| Ownership: | 100% |
| Mine Type: | Underground |
| By-products: | Zinc, lead, gold |
Dolores
Pan American completed an expansion of its Dolores mine in 2017. Over the next 3 years, average silver production is expected to increase by approximately 27% and gold by 69% compared with 2015 production levels when the expansion was approved.
| Location: | Chihuahua, Mexico |
| Ownership: | 100% |
| Mine Type: | Open Pit/Underground |
| By-products: | Gold |
Huaron
Our Huaron mine produces silver-rich lead, zinc and copper concentrates. Mechanization of the operations in recent years has improved productivity and resulted in lower operating costs.
| Location: | Pasco, Peru |
| Ownership: | 100% |
| Mine Type: | Underground |
| By-products: | Zinc, lead, copper, gold |
Morococha
Our Morococha mine produces silver-rich lead, zinc and copper concentrates. Mechanization of the operations in recent years has improved productivity and resulted in lower operating costs.
| Location: | Yauli, Peru |
| Ownership: | 92.3% |
| Mine type: | Underground |
| By-products: | Zinc, lead, copper, gold |
San Vicente
San Vicente is Pan American’s highest-grade silver mine, and where we are currently mechanizing additional areas of the mine for greater efficiency and productivity.
| Location: | Potosí, Bolivia |
| Ownership: | 95% |
| Mine type: | Underground |
| By-products: | Zinc, lead and copper |
Manantial Espejo
Pan American is extracting further value from our operations at Manantial Espejo with the addition of two high-grade silver properties: Joaquin and COSE. Silver production from our Manantial Espejo operations is estimated to total 21 million ounces over the 2018 to 2021 time period.
| Location: | Santa Cruz, Argentina |
| Ownership: | 100% |
| Mine type: | Underground |
| By-products: | Gold |
Exploration
Pan American Silver engages in both near-site mine and regional exploration programs. In addition to the exploration potential across our diversified portfolio, Pan American Silver has interests in several exploration projects.
Exploration PropertiesOther Portfolio Assets
Pan American Silver holds investment interests in other publicly traded entities and owns several development stage projects. Most notable is our 100% owned Navidad Project, which offers investors exposure to one of the world’s largest undeveloped silver deposits.
Notes:
Silver produced and cash costs per ounce are presented on a consolidated basis for the period ended Dec. 31, 2017.
For complete mineral reserve and resource information, refer to Mineral Reserves and Resources.
Cash costs per ounce is a non-GAAP measure; please refer to the Non-GAAP Measures.