Here's What Causing Pan American Silver Corp. to Lose Its Luster

Here's What Causing Pan American Silver Corp. to Lose Its Luster

Shares of Pan American Silver (NASDAQ: PAAS), a precious-metal mining company with assets throughout North and South America, dipped as much as 10% during Thursday's trading session after the company released its third-quarter operating results. While some aspects of the report topped Wall Street's expectations, revenue was a key disappointment.

For the quarter, Pan American Silver reported $190.8 million in revenue, down from $233.6 million in the prior-year quarter. The company attributed the drop to a decline in its silver and gold production during the quarter.

Discontinued production from Alamo Dorado, and a decline in output at San Vicente and Manantial Espejo, led to silver production of 5.89 million ounces, down from 6.36 million ounces of silver in Q3 2016. Similarly, gold production dropped to 40,800 ounces from 50,400 ounces year over year.

Continue reading

Source: Fool.com