Pan American Silver Corp. reported preliminary unaudited consolidated production results for the fourth quarter and full year of 2015. The company produced 6.79 million ounces of silver during the final quarter of 2015. The company also produced 48,200 ounces of gold during the fourth quarter of 2015

The company produced 26.12 million ounces of silver for the full year of 2015, up from 26.11 million ounces produced in 2014. The company also produced 183,700 ounces of gold, 14% more than in 2014. Silver production rose as a result of record annual production at the La Colorada, Dolores, Huaron and San Vicente mines, which offset the expected silver production declines at Alamo Dorado, Morococha and Manantial Espejo. Total 2015 gold production rose primarily due to an 18% increase from Dolores, which produced a new annual mine record of 79,140 ounces, and a 10% increase from Manantial Espejo, which also produced a new annual mine record of 77,320 ounces, as well as new annual records established at Alamo Dorado of 20,340 ounces and Morococha of 3,220 ounces. Consolidated copper production rose 67% to 15,000 tonnes, due to mine sequencing into higher copper grade ores at the company's Peruvian operations, as well as higher throughput obtained at Morococha. The company's zinc production declined 7% to 40,600 tonnes, while lead production declined 3% from 2014 to 14,600 tonnes largely due to mine sequencing.

For 2016, Pan American expects annual silver production to decline slightly to between 24.0 million ounces and 25.0 million ounces, while gold production is expected to be between 175,000 ounces and 185,000 ounces. Pan American's base metals production during 2016 is expected to be between 46,000 tonnes and 48,000 tonnes of zinc, 15,000 tonnes to 15,500 tonnes of lead and 13,000 tonnes to 13,500 tonnes of copper.

For 2016, Pan American expects a reduction in sustaining capital investments to between $65 million and $75 million at its seven operating mines, down from the most recent guidance for 2015 sustaining capital of $71.0 million to $84.0 million. Total capital investment is expected to be in the range of $200.0 million to $215.0 million.

For 2017, Pan American expects silver production to be between 22.5 million ounces and 24.0 million ounces, gold production to be between 155,000 ounces and 165,000 ounces.

For 2017, sustaining capital investment is expected to be in the range of $75.0 million to $85.0 million.

For 2018, Pan American expects silver production to be between 25.0 million ounces and 27.0 million ounces, gold production to be between 160,000 ounces and 180,000 ounces.

For 2018, sustaining capital investment is expected to be in the range of $75.0 million to $90.0 million.