Beginnings
Pan American Silver began as a silver company in early 1994, when Equinox Resources was taken over by a well-known U.S. mining company. The Equinox team noted that the U.S. mining company’s shares traded in tandem with the silver price, even though gold and industrial minerals generated much more of their revenue than silver. Impressed with this fact, and the strong demand and supply fundamentals of silver, a study of worldwide silver companies was undertaken and revealed that few well-valued, well-leveraged, well-structured stocks were available to investors interested in silver equities. In 1994, starting with no assets or liabilities and a share price of ten cents, Pan American Silver began by acquiring projects with proven silver resources.
Mission
Pan American Silver Corp’s mission is to be the best vehicle for equity investors wanting real exposure to higher silver prices. To achieve this mission the Company remains focused on a clear strategy: 1) acquire new, low-cost ounces to maintain a pipeline of future growth; 2) replenish reserves and resources at existing minesites through targeted exploration programs; 3) maintain a consolidated cash cost of less than $3.50/ounce to increase profitability; 4) remain unhedged and fully exposed to a rising silver price.
Increasing Production
In 2004 Pan American Silver Corp. marked its tenth anniversary with its tenth consecutive year of growth in silver production, a new record for cash flow from operations and a new record for mine operating earnings. Silver production rose 30% to 11.2 million ounces, thanks to the purchase of the Morococha silver mine in Peru and the expansion of the La Colorada mine in Mexico. The Company has announced that construction of the new Alamo Dorado silver mine in Mexico will begin in the second quarter, it has fast-tracked development of the San Vicente mine in Bolivia which will increase production in the second quarter of 2005 and it expects to make a production decision on the Manantial Espejo project later in 2005. By 2008 the Company plans to have annual silver production of 23 million ounces from eight mines.
Where the Stock Trades
Pan American Silver Corp. trades an average of 0.9 million shares daily on the NASDAQ National Market Board (trading symbol PAAS) and 90,000 shares daily on the Toronto Stock Exchange (share trading symbol PAA, warrant trading symbol PAA.wt, debenture trading symbol PAA.db.u). In Toronto, Pan American’s shares form part of the S&P/TSX Composite Index, the S&P/TSX Small Cap Index, and the S&P/TSX Capped Materials Index. Pan American's options trade on the prestigous Chicago Board Options Exchange, the American Stock Exchange, the Pacific Stock Exchange and the Montreal Stock Exchange. Pan American Silver Corp. is also the only silver company to trade on the prestigous Philadelphia Gold and Silver Index, known as the XAU.
On the Web
www.PanAmericanSilver.com |
