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Manantial Espejo

Santa Cruz, Argentina

  • 12.7 Moz silver reserves, proven + probable*
  • 2.5 Moz silver produced*
  • $15.68 cash costs per ounce*
*See footnote

A Regional Strategy

Pan American Silver's operations in Santa Cruz, Argentina, comprise the Manantial Espejo underground mine and processing plant and Joaquin and COSE, two high-grade silver mines.




Silver and gold doré

mining processing manantialespejo

Mining & Processing


Underground 2,150 TPD

Ore is treated by crushing, grinding, gravity concentration, agitation leaching, counter-current decantation, Merrill Crowe processing and melting to produce silver and gold doré.

Download Manantial Espejo Technical Report

Download Joaquin Technical Report

geology mineralization manantialespejo

Geology & Mineralization

12.7 Moz Ag and 66 koz Au

Manantial Espejo, Joaquin, and COSE are typical of the low sulphidation, silver-gold epithermal deposits found in the igneous Deseado Massif region. At Manantial Espejo, the main mineralization comprises massive quartz veins, vein breccias, sheeted and stockwork veining, and minor dissemination, while at Joaquin and COSE the mineralization is structurally controlled within breccias, stockworks, and veinlets.

Reserves & Resources

Recent Operating Performance

To learn more about the performance of our Manantial Espejo mine, see the Individual Mine Performance section of Pan American Silver’s most recent Management’s Discussion and Analysis.

Quarterly Reports


View Manantial Espejo operations


Pan American Silver is determined to conduct its business in a responsible and sustainable manner. 

0 85%
significant environmental incidents occurred at our operations of the revenue generated by our mines remains in the countries where we operate

Corporate Team

People are Pan American Silver’s most important asset. Our people provide the intelligence, ideas and the energy that drive our industry-leading performance. 

12,644 99%
total employees and contractors of senior management were local to the countries where the mine is located


Pan American Silver embraces the diversity of our workforce and the communities where we operate. Learn more about opportunities with our company.

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For the period ended December 31, 2020. Cash costs per ounce is a non-GAAP measure; please refer to the Non-GAAP Measures
Estimated mineral reserves as of June 30, 2021. For complete mineral reserve and resource information, refer to the Reserves and Resources page on this website.