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Manantial Espejo

Santa Cruz, Argentina

  • 3.1 Moz silver produced*
  • 34.6 koz gold produced*
  • $13.91 cash costs per ounce*
*See footnote

A Regional Strategy

Pan American Silver is constructing underground mines at Joaquin and COSE, two high-grade silver projects acquired in 2017, and plans to truck the mined material to the Manantial Espejo plant for processing. In addition to feed from Manantial Espejo’s underground mine and stockpiles (from the previous operation of the open pit mine), this strategy is expected to contribute an estimated 21 million ounces of silver production to Pan American Silver over the 2018 to 2021 time period.




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

18.7 Moz Ag and 101 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.

Download 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 84%
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. 

7,630 99%
total employees and contractors of our employees are from the countries where we operate


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 Dec. 31, 2018. Cash costs per ounce is a non-GAAP measure; please refer to the Non-GAAP Measures