Past year: ▲ 28%(49.40 – 93.58 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2011dividend declaration● Neutral
Pan American declared its fourth quarterly dividend of 2011, $0.025 per share, payable on or about December 5, 2011 to holders of record on November 21, 2011. This continues the quarterly schedule begun in November 2010 at an unchanged amount per share.
29 Aug 2011security holder rights change▲ Good
Pan American announced a normal course issuer bid to buy back up to 5,395,540 of its common shares, 5% of the 107,910,802 outstanding at August 24, 2011. Purchases run from September 1, 2011 to August 31, 2012 on the open market, funded from working capital, and shares bought will be cancelled. The company is not obligated to buy any shares. The board's stated reason is that the market price may not fully reflect the value of its operations and prospects.
11 Aug 2011resource reserve update▲ GoodMajor
Pan American and Orko Silver released the preliminary economic assessment for La Preciosa that the company had targeted for late 2010 (it arrived in August 2011). It envisions 6.8 million ounces of silver a year for 12 years at a cash cost of $11.84 per ounce net of by-products, with about $270 million of pre-production capital. At $25 silver and $1,250 gold, after-tax net present value is $315 million and the IRR is 24.3%. The study is preliminary and includes inferred resources, and the filing says there is no certainty it will be realized. Pan American can earn a 55% interest by bringing the project into production. The feasibility study, earlier expected by end 2010, is now due by April 2012 per Orko's CEO, with a construction decision targeted for the first half of 2012.
20 May 2011dividend declaration▲ Good
Pan American declared its second quarterly dividend of 2011, $0.025 per share, payable on or about June 15, 2011 to holders of record on May 31, 2011. This continues the quarterly schedule adopted in November 2010 at an unchanged amount per share.
17 Feb 2011resource reserve update● NeutralMajor
Pan American reported year-end 2010 proven and probable silver reserves of 230.7 million ounces. It added 27.0 million ounces through drilling against 28.3 million mined, replacing 96% of what it mined. The 2009 figure is restated here as 232.0 million (earlier reported as about 234 million). The 2010 total reflects the removal of 1.9 million ounces of pyrite stockpiles from reserves to resources, after management wrote off that asset because it believes Doe Run's La Oroya smelter, the only buyer, is unlikely to resume operations soon; this resolves the earlier La Oroya receivable question. La Colorada reserves grew 26% to 38.3 million ounces, with 12.1 million ounces from the NC2 vein extension, which remains open at depth and to the east. Measured and indicated resources rose to 714.8 million ounces and inferred to 245.2 million ounces, excluding pending updates for Navidad and La Preciosa. The 2011 plan is $10.9 million for about 108,000 m of drilling at the seven operating mines and $12.2 million for greenfield exploration, a lower greenfield budget than the $15.4 million planned for 2010.
9 Nov 2010dividend declaration▲ Good
Pan American moved its dividend from twice a year to every quarter, citing solid recent results. It declared a $0.025 per share dividend, payable on or about December 1, 2010 to holders of record on November 19, 2010; this is its third dividend of 2010, after the March payment and the August declaration, and the amount per share is unchanged.
12 Aug 2010dividend declaration▲ GoodMajor
For Q2 2010 Pan American reported record silver production of 6.9 million ounces (up 18%) and net income of $18.3 million ($0.17 per share), up 79%. It declared its second semi-annual dividend of $0.025 per share and has no debt, with $237.7 million in cash and short-term investments and an undrawn $70 million credit facility. It also signed a long-term coexistence agreement with Minera Chinalco Peru: Morococha's core facilities will be relocated over 5 years, with $40 million in payments to Pan American's subsidiary Argentum, of which $2 million had been received. Preliminary economic assessments for Navidad and La Preciosa are expected before the end of 2010, and Huaron's poor ground conditions are being addressed.
16 Feb 2010dividend declaration▲ GoodMajor
Pan American's board approved a semi-annual cash dividend and declared its first one, $0.025 per share, payable on or about March 12, 2010 to holders of record on February 26, 2010. Future dates and amounts will be set by the board.
11 Feb 2010resource reserve update▲ GoodMajor
Pan American reported year-end 2009 proven and probable silver reserves of about 234 million ounces, up roughly 5% from 223.7 million; it added 36.8 million ounces against 26.6 million mined. La Colorada reserves grew 67% to 30.4 million ounces, following the NC2 discovery in the January drilling release. Measured and indicated silver resources rose to 711 million ounces from 82 million, which the company ties to the fourth-quarter Aquiline acquisition and its Navidad project in Argentina. It plans a record $15.4 million greenfield exploration budget for 2010, reversing the 2008 cutback.
28 Jan 2010business combination● NeutralMajor
Pan American completed its compulsory acquisition of all Aquiline Resources shares it did not already own, so it now holds 100% of Aquiline. Former Aquiline holders receive Pan American shares and warrants held in trust by Computershare once they deposit their certificates. Aquiline shares were delisted from the TSX on January 13, 2010, and it is applying to stop being a reporting issuer. The release does not state the deal terms or Aquiline's assets; the Navidad project in Argentina comes from later filings.
7 Jan 2010drilling result▲ GoodMajor
Pan American reported 2009 drilling at its La Colorada mine in Mexico found an extension of the NC2 vein at least 200 metres below current mining, averaging over 600 g/t silver over 4.5 m true width. The best hole gave more than 2,000 g/t over 6.65 m, and the NC3 vein and several high-grade mantos were also found. The company says this will substantially increase the mine's sulphide resources; the release gives no new reserve figure.
16 Dec 2009well test result▲ GoodMajor
Pan American and Orko Silver reported that first-phase metallurgical tests on the La Preciosa joint venture project in Durango, Mexico gave average silver recoveries of 91% with simple cyanide leaching, with cyanide use cut to 1.6 kg/t and leach times reducible to 48 hours. Pan American's CEO said it still expects a full feasibility study by the end of 2010; additional flotation studies are still underway.
18 Feb 2009resource reserve update● NeutralMajor
Pan American reported year-end 2008 proven and probable silver reserves of 223.7 million ounces, down 1.8% from 227.8 million a year earlier. It added 26.9 million ounces from drilling against 22.2 million mined, but 8.8 million ounces were downgraded to resources due to lower base metal price assumptions and higher cut-off grades. In Q4 2008 it scaled back greenfield exploration as part of cost reduction initiatives, reversing the expanded greenfield plans from the prior year's update, and Quiruvilca reserves fell partly because the company intends to prepare that mine for care and maintenance.
15 Oct 2008drilling result▲ GoodMajor
Pan American announced high-grade drill results from a newly discovered Morro Solar vein at its Morococha mine in Peru, with intercepts such as 5.10 metres at 949 g/t silver. The company says the vein could be brought into Morococha's reserves and near-term mine plan via the new Sierra Nevada ramp, but says substantial further drilling is needed to define it. This continues the Morococha reserve growth noted in the earlier reserve update.
21 Feb 2008resource reserve update▲ GoodMajor
Pan American Silver reported that its proven and probable silver reserves rose to 227.8 million ounces at the start of 2008, from 213.3 million a year earlier. It mined 20.8 million ounces in 2007 and added 35.3 million through discovery or acquisition. It plans a 90,000+ metre drilling program in 2008, including newly acquired greenfield projects in Peru and Mexico.
