Tuesday, February 16, 2010

Pan American Silver (TSE:PAA) Posts Profits

Pan American Silver Quarterly Report

After a disappointing fourth quarter last year, Pan American Silver (TSE:PAA) came roaring back to post a profit in the fourth quarter ending December 31.

The factors contributing to the profits according to Pan American Silver was increased production and the increase in the price of silver.

Earnings for the quarter came in at $27.8 million, or 31 cents a share. That was in comparison to the same quarter last year where the mining company lost $33.3 million or 41 cents a share.

Overall revenue grew to $154.4 million, a 234 percent gain. Production during that time resulted in another 6 million ounces of silver, a 30 percent surge. A portion of that was attributed to the expansion of the San Vicente mine in Bolivia.

Gold also enjoyed increased production, as it gained by 425 percent.

The company estimated that silver production should reach 23.4 million ounces for 2010.

Pan American Silver Quarterly Report

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