Pan American Silver reports record operating cash flow of $462.3 million in 2020
- Revenue was a record $430.5 million in Q4 2020 and totaled $1.3 billion for FY 2020. The rise in realized precious metal prices over 2020 helped mitigate the impact of COVID-19 related mine suspensions and throughput reductions on quantities of metal sold.
- Net earnings were $169.0 million ($0.80 basic earnings per share) and $176.5 million ($0.85 basic earnings per share) in Q4 2020 and FY 2020, respectively. Net earnings in Q4 2020 were driven by record mine operating earnings of $137.2 million and the recognition of deferred income tax assets, including $41.0 million relating primarily to mine life extensions at the Timmins and La Arena operations.
- Adjusted earnings in Q4 2020 were $120.5 million ($0.57 basic adjusted earnings per share). FY 2020 adjusted earnings were $243.4 million ($1.16 basic adjusted earnings per share).
- Record net cash generated from operating activities of $170.6 million in Q4 2020 and $462.3 million for FY 2020.
- As previously announced, consolidated FY 2020 silver and gold production was 17.3 million ounces and 522.4 thousand ounces, respectively. FY 2020 production was largely impacted by the COVID-19 related mine suspensions and throughput reductions. Silver production was further impacted by an inability to access high-grade ore at La Colorada due to ventilation issues, which are being remedied, and lower grades at Dolores and San Vicente from mine sequencing.
- FY 2020 Silver Segment Cash Costs and All-in Sustaining Costs ("AISC") of $7.05 and $11.38 per silver ounce sold, respectively, were in line with the Revised 2020 Forecast(1).
- FY 2020 Gold Segment Cash Costs and AISC of $797 and $1,011 per gold ounce sold, respectively, were below the Revised 2020 Forecast(1).
- FY 2020 Consolidated AISC, including gold by-product credits from the Gold Segment mines, of $(3.29) per silver ounce sold was below the Revised 2020 Forecast(1).
- Sustaining capital was $52.0 million and $162.0 million in Q4 2020 and FY 2020, respectively. Project capital was $3.8 million and $21.5 million in Q4 2020 and FY 2020, respectively. Approximately $50.0 million to $60.0 million of capital expenditures were deferred into 2021 due to COVID-19.
- In 2020, Pan American repaid a net $275 million on its revolving Credit Facility. At December 31, 2020, the Company had cash and short-term investment balances of $279.1 million, working capital of $495.2 million, and no amounts drawn on its $500 million Credit Facility.
- The Board of Directors has approved a cash dividend of $0.07 per common share, or approximately $14.7 million in aggregate cash dividends, payable on or about March 11, 2021, to holders of record of Pan American's common shares as of the close on March 1, 2021. Pan American's dividends are designated as eligible dividends for the purposes of the Income Tax Act (Canada). As is standard practice, the amounts and specific distribution dates of any future dividends will be evaluated and determined by the Board of Directors on an ongoing basis.
Source: https://www.panamericansilver.com/news/news-releases/detail/155/2021-02-17-pan-american-silver-reports-record-operating-cash-flow-of-462-3-million-in-2020
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