Pan American and Yamana Gold, which are pursuing a business combination in a deal also involving Agnico Eagle Mines, on Tuesday announced their respectively preliminary production results for 2022, with the miners delivering results that are in line, or above, their targets.
Pan American reported consolidated silver production of 18.5-million ounces, which met its revised guidance range of 18-million to 18.5-million ounces and was modestly below the original guidance of 19-million to 20.5-million ounces.
Gold production in 2022 of 552 500 oz was within the original guidance range of 555 000 oz to 605 000 oz.
Zinc production of 38 000 t met its guidance of 35 000 t to 40 000 t. The company also produced 18 000 t of lead and 5 000 t of copper.
Yamana produced 1 005 770 gold-equivalent ounces (GEOs), exceeding its full-year guidance of one-million GEOs, at an all-in sustaining cost below $1 125/GEO.
Full-year production comprised of 894 820 oz of gold and 9.20-million ounces of gold.
Pan American will acquire all the issued and outstanding common shares of Yamana and Yamana will sell certain subsidiaries and partnerships interests in its Canadian assets to Agnico Eagle, including the Canadian Malartic mine.
"As the executive chairman and founder of Yamana Gold, I have always advocated for critical mass and scale to drive success in the mining industry. With that said, I am incredibly proud to see this philosophy being fully realised and demonstrated through our proposed transaction with Pan American and Agnico Eagle. I also find it greatly encouraging that this proposal has received positive voting recommendations from both ISS and Glass Lewis, the leading proxy advisory firms," commented Yamana’s Peter Marrone.
Pan American will provide a 2023 production and cost guidance for the combined entity shortly after completion of the arrangement.