Why Pan American Silver Stock Dropped Today
The second-largest primary silver mining company in the world reported first-quarter earnings today, and the market didn't get what it expected. Shares of Pan American Silver (NASDAQ: PAAS) dropped almost 12% early Thursday, and remained down 10% as of 11:20 a.m. EDT.
Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina, and Bolivia. The company specifically pointed to continued pandemic impacts in South America, as well as issues at its La Colorada mine in Mexico contributing to lower quarterly sales and production. Some of that will be recouped in later quarters, but Pan American also revised its 2021 annual silver production to between 20.50 and 22 million ounces, from its previous estimate of 22.50 to 24 million ounces.
Pan American La Colorada silver mine in Mexico. Image source: Pan American Silver.
Source Fool.com
