Condensed Interim Consolidated Statements of Financial Position
(unaudited, in thousands of U.S. dollars)
|
June 30, | December 31, | |||
2021 | 2020 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents (Note 21) | $ | 157,125 | $ | 167,113 |
Short-term investments (Note 5) | 83,242 | 111,946 | ||
Trade and other receivables | 128,833 | 127,756 | ||
Income tax receivables | 24,709 | 22,051 | ||
Inventories (Note 6) | 521,334 | 406,191 | ||
Derivative assets (Note 4a) | 10,216 | 7,812 | ||
Prepaid expenses and other current assets | 11,809 | 14,055 | ||
937,268 | 856,924 | |||
Non-current assets | ||||
Mineral properties, plant and equipment (Note 7) | 2,344,696 | 2,415,006 | ||
Long-term inventories (Note 6) | 24,018 | 24,355 | ||
Long-term refundable taxes | 8,719 | 4,009 | ||
Deferred tax assets | 57,728 | 57,850 | ||
Investment in associates (Note 9) | 78,392 | 71,560 | ||
Goodwill & other assets (Note 10) | 4,191 | 4,171 | ||
Total assets | $ | 3,455,012 | $ | 3,433,875 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities (Note 11) | $ | 278,036 | $ | 281,938 |
Derivative liabilities (Note 4a) | 2,380 | 367 | ||
Provisions (Note 12) | 11,465 | 12,066 | ||
Lease obligations (Note 13) | 11,654 | 12,829 | ||
Debt (Note 14) | 3,400 | - | ||
Income tax payables | 27,233 | 54,556 | ||
334,168 | 361,756 | |||
Non-current liabilities | ||||
Long-term provisions (Note 12) | 217,645 | 229,887 | ||
Deferred tax liabilities | 190,303 | 175,311 | ||
Long-term lease obligations (Note 13) | 19,042 | 20,736 | ||
Long-term debt (Note 14) | 13,600 | - | ||
Deferred revenue (Note 9) | 12,775 | 13,273 | ||
Other long-term liabilities (Note 15) | 27,320 | 27,073 | ||
Total liabilities | 814,853 | 828,036 | ||
Equity (Note 16) | ||||
Issued capital | 3,132,870 | 3,132,140 | ||
Reserves | 93,393 | 93,409 | ||
Deficit | (589,962) | (623,030) | ||
Total equity attributable to Company shareholders | 2,636,301 | 2,602,519 | ||
Non-controlling interests | 3,858 | 3,320 | ||
Total equity | 2,640,159 | 2,605,839 | ||
Total liabilities and equity | $ | 3,455,012 | $ | 3,433,875 |
'signed' | Gillian Winckler, Director | 'signed' | Michael Steinmann, Director |
PAN AMERICAN SILVER CORP. |
1
|
Condensed Interim Consolidated Statements of
Earnings and Comprehensive Earnings
(unaudited, in thousands of U.S. dollars)
|
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue (Note 22) | $ | 382,132 | $ | 249,509 | $ | 750,231 | $ | 607,937 |
Cost of sales (Note 22) | ||||||||
Production costs (Note 17) | (199,429) | (148,433) | (392,609) | (372,750) | ||||
Depreciation and amortization | (68,540) | (48,156) | (143,633) | (126,305) | ||||
Royalties | (11,115) | (4,534) | (20,977) | (10,438) | ||||
(279,084) | (201,123) | (557,219) | (509,493) | |||||
Mine operating earnings (Note 22) | 103,048 | 48,386 | 193,012 | 98,444 | ||||
General and administrative | (9,465) | (8,739) | (17,517) | (15,327) | ||||
Exploration and project development | (2,103) | (1,739) | (4,583) | (4,166) | ||||
Mine care and maintenance (Note 18) | (7,757) | (52,203) | (15,023) | (68,227) | ||||
Foreign exchange losses | (2,241) | (63) | (4,650) | (1,906) | ||||
Gains (losses) on derivatives (Note 4c) | 3,113 | 3,612 | 5,490 | (5,211) | ||||
Gains (losses) on sale of mineral properties, plant and equipment | 4,146 | (1,986) | 4,256 | (1,951) | ||||
Income (loss) from equity investees (Note 9) | 3,320 | 40 | 3,518 | (2,889) | ||||
Other income (expense) | 1,711 | (5,641) | 2,558 | (6,400) | ||||
Earnings (loss) from operations | 93,772 | (18,333) | 167,061 | (7,633) | ||||
Investment income (loss) (Note 4b) | 10,644 | 47,331 | (28,389) | 18,507 | ||||
Interest and finance expense (Note 19) | (3,579) | (4,863) | (7,420) | (11,254) | ||||
Earnings (loss) before income taxes | 100,837 | 24,135 | 131,252 | (380) | ||||
Income tax expense (Note 23) | (29,596) | (4,723) | (67,573) | (57,443) | ||||
Net earnings (loss) and comprehensive earnings (loss) | $ | 71,241 | $ | 19,412 | $ | 63,679 | $ | (57,823) |
Net earnings (loss) and comprehensive earnings (loss) attributable to: | ||||||||
Equity holders of the Company | $ | 70,939 | $ | 20,063 | $ | 63,141 | $ | (56,744) |
Non-controlling interests | 302 | (651) | 538 | (1,079) | ||||
$ | 71,241 | $ | 19,412 | $ | 63,679 | $ | (57,823) | |
Earnings (loss) per share attributable to common shareholders (Note 20) | ||||||||
Basic earnings (loss) per share | $ | 0.34 | $ | 0.10 | $ | 0.30 | $ | (0.27) |
Diluted earnings (loss) per share | $ | 0.34 | $ | 0.10 | $ | 0.30 | $ | (0.27) |
Weighted average shares outstanding (in 000's) Basic | 210,284 | 210,041 | 210,273 | 209,993 | ||||
Weighted average shares outstanding (in 000's) Diluted | 210,438 | 210,252 | 210,436 | 209,993 |
PAN AMERICAN SILVER CORP. |
2
|
Condensed Interim Consolidated Statements of Cash Flows
(unaudited, in thousands of U.S. dollars)
|
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Operating activities | ||||||||
Net earnings (loss) for the period | $ | 71,241 | $ | 19,412 | $ | 63,679 | $ | (57,823) |
Income tax expense (Note 23) | 29,596 | 4,723 | 67,573 | 57,443 | ||||
Depreciation and amortization | 68,540 | 61,325 | 143,633 | 139,474 | ||||
Unrealized investment (income) loss | (10,644) | (44,215) | 28,389 | (15,391) | ||||
Accretion on closure and decommissioning provision (Notes 12,19) | 1,869 | 2,068 | 3,738 | 4,134 | ||||
Unrealized foreign exchange losses | 1,608 | 1,616 | 3,775 | 5,143 | ||||
Interest expense (Note 19) | 782 | 2,264 | 1,825 | 5,809 | ||||
Interest paid | (1,245) | (3,149) | (2,460) | (6,873) | ||||
Interest received | 12 | 112 | 129 | 199 | ||||
Income taxes paid | (21,019) | (13,095) | (82,352) | (49,594) | ||||
Other operating activities (Note 21) | (16,582) | 418 | (26,523) | 24,858 | ||||
Net change in non-cash working capital items (Note 21) | (37,015) | 31,271 | (84,413) | 69,422 | ||||
$ | 87,143 | $ | 62,750 | $ | 116,993 | $ | 176,801 | |
Investing activities | ||||||||
Payments for mineral properties, plant and equipment | $ | (63,170) | $ | (30,338) | $ | (111,141) | $ | (86,088) |
Proceeds from sale of mineral properties, plant and equipment | 14,026 | 10,166 | 14,796 | 10,371 | ||||
Proceeds from short-term investments and other securities | 633 | 86,586 | 888 | 84,192 | ||||
Exercise of warrants (Note 9) | - | (15,626) | - | (15,626) | ||||
Net proceeds (payments) from derivatives | 2,584 | (1,460) | 5,068 | (2,001) | ||||
$ | (45,927) | $ | 49,328 | $ | (90,389) | $ | (9,152) | |
Financing activities | ||||||||
Proceeds from common shares issued | $ | 296 | $ | 1,410 | $ | 335 | $ | 4,341 |
Distributions to non-controlling interests | (322) | - | (635) | - | ||||
Dividends paid | (14,720) | (10,503) | (29,438) | (21,003) | ||||
Proceeds from credit facility (Note 14) | - | 80,000 | - | 80,000 | ||||
Repayment of credit facility (Note 14) | - | (140,000) | - | (155,000) | ||||
Payment of equipment leases | (2,853) | (2,977) | (5,835) | (7,041) | ||||
$ | (17,599) | $ | (72,070) | $ | (35,573) | $ | (98,703) | |
Effects of exchange rate changes on cash and cash equivalents | 11 | 282 | (1,019) | (1,393) | ||||
Increase (decrease) in cash and cash equivalents | 23,628 | 40,290 | (9,988) | 67,553 | ||||
Cash and cash equivalents at the beginning of the period | 133,497 | 147,827 | 167,113 | 120,564 | ||||
Cash and cash equivalents at the end of the period | $ | 157,125 | $ | 188,117 | $ | 157,125 | $ | 188,117 |
PAN AMERICAN SILVER CORP. |
3
|
Condensed Interim Consolidated Statements of Changes in Equity
(unaudited, in thousands of U.S. dollars, except for number of shares)
|
Attributable to equity holders of the Company | |||||||||||||
Issued shares |
Issued capital |
Reserves
| Deficit | Total |
Non- controlling interests |
Total equity | |||||||
Balance, December 31, 2019 | 209,835,558 | $ | 3,123,514 | $ | 94,274 | $ | (754,689) | $ | 2,463,099 | $ | 4,747 | $ | 2,467,846 |
Total comprehensive earnings | |||||||||||||
Net earnings for the year | - | - | - | 177,882 | 177,882 | (1,427) | 176,455 | ||||||
- | - | - | 177,882 | 177,882 | (1,427) | 176,455 | |||||||
Shares issued on the exercise of stock options | 329,379 | 5,800 | (1,063) | - | 4,737 | - | 4,737 | ||||||
Shares issued as compensation | 93,730 | 2,826 | - | - | 2,826 | - | 2,826 | ||||||
Share-based compensation on option grants | - | - | 198 | - | 198 | - | 198 | ||||||
Dividends paid | - | - | - | (46,223) | (46,223) | - | (46,223) | ||||||
Balance, December 31, 2020 | 210,258,667 | $ | 3,132,140 | $ | 93,409 | $ | (623,030) | $ | 2,602,519 | $ | 3,320 | $ | 2,605,839 |
Total comprehensive earnings | |||||||||||||
Net earnings for the period | - | - | - | 63,141 | 63,141 | 538 | 63,679 | ||||||
- | - | - | 63,141 | 63,141 | 538 | 63,679 | |||||||
Shares issued on the exercise of stock options | 31,072 | 405 | (70) | - | 335 | - | 335 | ||||||
Shares issued as compensation | 9,646 | 325 | - | - | 325 | - | 325 | ||||||
Share-based compensation on option grants | - | - | 54 | - | 54 | - | 54 | ||||||
Distributions by subsidiaries to non-controlling interests | - | - | - | (635) | (635) | - | (635) | ||||||
Dividends paid | - | - | - | (29,438) | (29,438) | - | (29,438) | ||||||
Balance, June 30, 2021 | 210,299,385 | $ | 3,132,870 | $ | 93,393 | $ | (589,962) | $ | 2,636,301 | $ | 3,858 | $ | 2,640,159 |
Attributable to equity holders of the Company | |||||||||||||
Issued shares |
Issued capital | Reserves | Deficit | Total |
Non- controlling interests |
Total equity | |||||||
Balance, December 31, 2019 | 209,835,558 | $ | 3,123,514 | $ | 94,274 | $ | (754,689) | $ | 2,463,099 | $ | 4,747 | $ | 2,467,846 |
Total comprehensive loss | |||||||||||||
Net loss for the period | - | - | - | (56,744) | (56,744) | (1,079) | (57,823) | ||||||
- | - | - | (56,744) | (56,744) | (1,079) | (57,823) | |||||||
Shares issued on the exercise of stock options | 295,831 | 5,236 | (895) | - | 4,341 | - | 4,341 | ||||||
Shares issued as compensation | 9,456 | 227 | - | - | 227 | - | 227 | ||||||
Share-based compensation on option grants | - | - | 107 | - | 107 | - | 107 | ||||||
Dividends paid | - | - | - | (21,003) | (21,003) | - | (21,003) | ||||||
Balance, June 30, 2020 | 210,140,845 | $ | 3,128,977 | $ | 93,486 | $ | (832,436) | $ | 2,390,027 | $ | 3,668 | $ | 2,393,695 |
PAN AMERICAN SILVER CORP. |
4
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
Subsidiary | Location |
Ownership Interest | Accounting |
Operations and Development Projects Owned | |
Lake Shore Gold Corp. | Canada | 100 | % | Consolidated | Bell Creek and Timmins West mines |
Plata Panamericana S.A. de C.V. | Mexico | 100 | % | Consolidated | La Colorada mine |
Compañía Minera Dolores S.A. de C.V. | Mexico | 100 | % | Consolidated | Dolores mine |
Pan American Silver Huaron S.A. | Peru | 100 | % | Consolidated | Huaron mine |
Compañía Minera Argentum S.A. | Peru | 92 | % | Consolidated | Morococha mine |
Shahuindo S.A.C. | Peru | 100 | % | Consolidated | Shahuindo mine |
La Arena S.A. | Peru | 100 | % | Consolidated | La Arena mine |
Pan American Silver (Bolivia) S.A. | Bolivia | 95 | % | Consolidated | San Vicente mine |
Pan American Silver Guatemala S.A. | Guatemala | 100 | % | Consolidated | Escobal mine |
Minera Tritón Argentina S.A. | Argentina | 100 | % | Consolidated | Manantial Espejo & Cap-Oeste Sur Este ('COSE') mines |
Minera Joaquin S.R.L. | Argentina | 100 | % | Consolidated | Joaquin mine |
Minera Argenta S.A. | Argentina | 100 | % | Consolidated | Navidad project |
PAN AMERICAN SILVER CORP. |
5
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
PAN AMERICAN SILVER CORP. |
6
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
June 30, 2021 | Amortized cost | FVTPL | Total | |||
Financial Assets: | ||||||
Cash and cash equivalents | $ | 157,125 | $ | - | $ | 157,125 |
Trade receivables from provisional concentrates sales(1)
| - | 38,715 | 38,715 | |||
Receivables not arising from sale of metal concentrates(1)
| 83,237 | - | 83,237 | |||
Short-term investments, equity securities | - | 83,242 | 83,242 | |||
Derivative assets | - | 10,216 | 10,216 | |||
$ | 240,362 | $ | 132,173 | $ | 372,535 | |
Financial Liabilities: | ||||||
Derivative liabilities | $ | - | $ | 2,380 | $ | 2,380 |
December 31, 2020 | Amortized cost | FVTPL | Total | |||
Financial Assets: | ||||||
Cash and cash equivalents | $ | 167,113 | $ | - | $ | 167,113 |
Trade receivables from provisional concentrates sales(1)
| - | 35,084 | 35,084 | |||
Receivables not arising from sale of metal concentrates(1)
| 84,486 | - | 84,486 | |||
Short-term investments, equity securities | - | 111,946 | 111,946 | |||
Derivative assets | - | 7,812 | 7,812 | |||
$ | 251,599 | $ | 154,842 | $ | 406,441 | |
Financial Liabilities: | ||||||
Derivative liabilities | $ | - | $ | 367 | $ | 367 |
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Unrealized gains (losses) on short-term investments, equity securities | $ | 10,329 | $ | (3,479) | $ | (28,704) | $ | (32,303) |
Realized gains on short-term investments, equity securities | 315 | 50,810 | 315 | 50,810 | ||||
$ | 10,644 | $ | 47,331 | $ | (28,389) | $ | 18,507 |
PAN AMERICAN SILVER CORP. |
7
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Gains (losses) on derivatives | ||||||||
Realized gains (losses) on derivatives | $ | 2,584 | $ | (1,460) | $ | 5,068 | $ | (2,001) |
Unrealized gains (losses) on derivatives | 529 | 5,072 | 422 | (3,210) | ||||
$ | 3,113 | $ | 3,612 | $ | 5,490 | $ | (5,211) |
At June 30, 2021 | At December 31, 2020 | |||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||
Assets and Liabilities: | ||||||||
Short-term investments | $ | 83,242 | $ | - | $ | 111,946 | $ | - |
Trade receivables from provisional concentrate sales | - | 38,715 | - | 35,084 | ||||
Derivative assets | - | 10,216 | - | 7,812 | ||||
Derivative liabilities | - | (2,380) | - | (367) | ||||
$ | 83,242 | $ | 46,551 | $ | 111,946 | $ | 42,529 |
PAN AMERICAN SILVER CORP. |
8
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
PAN AMERICAN SILVER CORP. |
9
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
PAN AMERICAN SILVER CORP. |
10
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
June 30, 2021 | December 31, 2020 | |||||||||||
Fair Value | Cost |
Accumulated unrealized holding gains | Fair Value | Cost |
Accumulated unrealized holding gains | |||||||
Short-term investments | $ | 83,242 | $ | 20,419 | $ | 62,823 | $ | 111,946 | $ | 20,419 | $ | 91,527 |
June 30, 2021 |
December 31, 2020 | |||
Concentrate inventory | $ | 40,859 | $ | 19,104 |
Stockpile ore | 51,078 | 30,063 | ||
Heap leach inventory and in process | 266,324 | 219,334 | ||
Doré and finished inventory | 100,808 | 77,489 | ||
Materials and supplies | 86,283 | 84,556 | ||
Total inventories | $ | 545,352 | $ | 430,546 |
Less: current portion of inventories | $ | (521,334) | $ | (406,191) |
Non-current portion of inventories(1)
| $ | 24,018 | $ | 24,355 |
PAN AMERICAN SILVER CORP. |
11
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
June 30, 2021 | December 31, 2020 | |||||||||||
Cost |
Accumulated Depreciation and Impairment |
Carrying Value | Cost |
Accumulated Depreciation and Impairment |
Carrying Value | |||||||
Producing properties: | ||||||||||||
Huaron, Peru | $ | 216,609 | $ | (136,173) | $ | 80,436 | $ | 218,270 | $ | (135,932) | $ | 82,338 |
Morococha, Peru | 271,414 | (182,233) | 89,181 | 267,705 | (175,844) | 91,861 | ||||||
Shahuindo, Peru | 556,926 | (110,235) | 446,691 | 546,643 | (86,855) | 459,788 | ||||||
La Arena, Peru | 196,627 | (84,234) | 112,393 | 170,401 | (66,313) | 104,088 | ||||||
Alamo Dorado, Mexico | - | - | - | 71,725 | (71,725) | - | ||||||
La Colorada, Mexico | 337,685 | (175,052) | 162,633 | 308,378 | (164,443) | 143,935 | ||||||
Dolores, Mexico(1)
| 1,699,536 | (1,297,782) | 401,754 | 1,709,105 | (1,228,492) | 480,613 | ||||||
Manantial Espejo, Argentina (2)(4)
| 515,853 | (489,049) | 26,804 | 513,626 | (485,036) | 28,590 | ||||||
San Vicente, Bolivia | 146,852 | (106,212) | 40,640 | 144,790 | (101,408) | 43,382 | ||||||
Timmins, Canada | 322,893 | (92,664) | 230,229 | 307,243 | (75,902) | 231,341 | ||||||
Other | 29,493 | (18,881) | 10,612 | 28,653 | (18,313) | 10,340 | ||||||
$ | 4,293,888 | $ | (2,692,515) | $ | 1,601,373 | $ | 4,286,539 | $ | (2,610,263) | $ | 1,676,276 | |
Non-Producing Properties: | ||||||||||||
Land | $ | 6,756 | $ | (1,254) | $ | 5,502 | $ | 6,758 | $ | (1,254) | $ | 5,504 |
Navidad, Argentina(3)
| 566,577 | (376,101) | 190,476 | 566,577 | (376,101) | 190,476 | ||||||
Escobal, Guatemala | 257,216 | (1,372) | 255,844 | 259,198 | (1,072) | 258,126 | ||||||
Timmins, Canada | 64,629 | - | 64,629 | 71,099 | - | 71,099 | ||||||
Shahuindo, Peru | 6,079 | - | 6,079 | 6,079 | - | 6,079 | ||||||
La Arena, Peru | 117,000 | - | 117,000 | 117,000 | - | 117,000 | ||||||
Minefinders, Mexico | 79,714 | (36,975) | 42,739 | 80,239 | (36,975) | 43,264 | ||||||
La Colorada, Mexico | 36,516 | - | 36,516 | 21,589 | - | 21,589 | ||||||
Morococha, Peru | 5,054 | - | 5,054 | 5,054 | - | 5,054 | ||||||
Other | 31,671 | (12,187) | 19,484 | 32,533 | (11,994) | 20,539 | ||||||
$ | 1,171,212 | $ | (427,889) | $ | 743,323 | $ | 1,166,126 | $ | (427,396) | $ | 738,730 | |
Total | $ | 5,465,100 | $ | (3,120,404) | $ | 2,344,696 | $ | 5,452,665 | $ | (3,037,659) | $ | 2,415,006 |
PAN AMERICAN SILVER CORP. |
12
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
2021 | ||
Maverix investment, December 31, 2020 | $ | 71,560 |
Acquisition of shares in associate | 2,616 | |
Dilution gains | 144 | |
Dividends | (572) | |
Income from associate | 3,472 | |
Maverix investment, June 30, 2021 | 77,220 | |
Other investment, June 30, 2021 | 1,172 | |
Total investment in associates, June 30, 2021 | $ | 78,392 |
PAN AMERICAN SILVER CORP. |
13
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
June 30, 2021 |
December 31, 2020 | |||
Goodwill | $ | 2,775 | $ | 2,775 |
Other assets | 1,416 | 1,396 | ||
$ | 4,191 | $ | 4,171 |
June 30, 2021 |
December 31, 2020 | |||
Trade account payables(1)
| $ | 85,164 | $ | 80,280 |
Royalty payables | 20,331 | 18,166 | ||
Other accounts payable and accrued liabilities | 88,754 | 94,600 | ||
Payroll and severance liabilities | 54,980 | 56,715 | ||
Value added tax liabilities | 11,878 | 11,208 | ||
Other tax payables | 16,929 | 20,969 | ||
$ | 278,036 | $ | 281,938 |
Closure and Decommissioning | Litigation | Total | ||||
December 31, 2020 | $ | 235,110 | $ | 6,843 | $ | 241,953 |
Revisions in estimates and obligations incurred | (13,771) | - | (13,771) | |||
Charged (credited) to earnings: | ||||||
-new provisions | - | 796 | 796 | |||
-change in estimate | - | (1,036) | (1,036) | |||
-exchange gains on provisions | - | (231) | (231) | |||
-utilized in the period | - | (507) | (507) | |||
Reclamation expenditures | (1,832) | - | (1,832) | |||
Accretion expense (Note 19) | 3,738 | - | 3,738 | |||
June 30, 2021 | $ | 223,245 | $ | 5,865 | $ | 229,110 |
Maturity analysis of total provisions: |
June 30, 2021 |
December 31, 2020 | ||
Current | $ | 11,465 | $ | 12,066 |
Non-Current | 217,645 | 229,887 | ||
$ | 229,110 | $ | 241,953 |
PAN AMERICAN SILVER CORP. |
14
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
Six months ended June 30, 2021 | ||
2021 | ||
Opening net book value | $ | 33,543 |
Additions | 2,934 | |
Depreciation | (5,990) | |
Other | (936) | |
Closing net book value | $ | 29,551 |
June 30, 2021 |
December 31, 2020 | |||
Within one year | $ | 12,395 | $ | 13,505 |
Between one and five years | 16,107 | 17,902 | ||
Beyond five years | 18,045 | 19,255 | ||
Total undiscounted lease obligations | 46,547 | 50,662 | ||
Less future interest charges | (15,851) | (17,097) | ||
Total discounted lease obligations | 30,696 | 33,565 | ||
Less: current portion of lease obligations | (11,654) | (12,829) | ||
Non-current portion of lease obligations | $ | 19,042 | $ | 20,736 |
June 30, 2021 |
December 31, 2020 | |||
Loan | $ | 17,000 | $ | - |
Less: current Loan | (3,400) | - | ||
Non-current Loan | $ | 13,600 | $ | - |
PAN AMERICAN SILVER CORP. |
15
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
June 30, 2021 |
December 31, 2020 | |||
Deferred credit(1)
| $ | 20,788 | $ | 20,788 |
Other tax payables | 48 | 54 | ||
Severance liabilities | 6,484 | 6,231 | ||
$ | 27,320 | $ | 27,073 |
PAN AMERICAN SILVER CORP. |
16
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
Stock Options | |||
Options |
Weighted Average Exercise Price CAD$ | ||
As at December 31, 2019 | 1,143,348 | $ | 33.84 |
Granted | 7,605 | 39.48 | |
Exercised | (329,711) | 19.23 | |
Expired | (482,438) | 53.41 | |
Forfeited | (21,387) | 43.08 | |
As at December 31, 2020 | 317,417 | $ | 18.78 |
Exercised | (31,072) | 13.40 | |
Expired | (2,162) | 41.62 | |
Forfeited | (23,587) | 32.27 | |
As at June 30, 2021 | 260,596 | $ | 18.01 |
Options Outstanding | Options Exercisable | ||||||
Range of Exercise Prices CAD$ | Number Outstanding as at June 30, 2021 |
Weighted Average Remaining Contractual Life (months) |
Weighted Average Exercise Price CAD$ | Number Outstanding as at June 30, 2021 |
Weighted Average Exercise Price CAD$ | ||
$9.76 - $17.11 | 83,166 | 15 | $ | 11.06 | 83,166 | $ | 11.06 |
$17.12 - $24.46 | 143,896 | 46 | $ | 18.90 | 143,896 | $ | 18.90 |
$24.47 - $31.81 | 21,605 | 65 | $ | 26.54 | 10,213 | $ | 26.54 |
$31.82 - $41.62 | 11,929 | 52 | $ | 40.26 | 4,324 | $ | 41.62 |
260,596 | 38 | $ | 18.01 | 241,599 | $ | 16.93 |
PAN AMERICAN SILVER CORP. |
17
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
PSU | Number Outstanding | Fair Value | |
As at December 31, 2019 | 247,601 | $ | 5,896 |
Granted | 62,920 | 1,942 | |
Paid out | (54,962) | (2,626) | |
Change in value | - | 3,658 | |
As at December 31, 2020 | 255,559 | $ | 8,870 |
Change in value | - | (1,476) | |
As at June 30, 2021 | 255,559 | $ | 7,394 |
RSU | Number Outstanding | Fair Value | |
As at December 31, 2019 | 299,216 | $ | 7,107 |
Granted | 261,224 | 6,302 | |
Paid out | (148,049) | (4,762) | |
Forfeited | (15,819) | (545) | |
Change in value | - | 5,628 | |
As at December 31, 2020 | 396,572 | $ | 13,730 |
Forfeited | (9,100) | (260) | |
Change in value | - | (2,295) | |
As at June 30, 2021 | 387,472 | $ | 11,175 |
Declaration Date | Record Date | Dividend per common share | |
August 10, 2021(1)
| August 23, 2021 | $ | 0.100 |
May 12, 2021 | May 25, 2021 | $ | 0.070 |
February 17, 2021 | March 1, 2021 | $ | 0.070 |
November 4, 2020 | November 16, 2020 | $ | 0.070 |
August 5, 2020 | August 17, 2020 | $ | 0.050 |
May 6, 2020 | May 19, 2020 | $ | 0.050 |
February 19, 2020 | March 2, 2020 | $ | 0.050 |
PAN AMERICAN SILVER CORP. |
18
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Consumption of raw materials and consumables | $ | 95,376 | $ | 46,024 | $ | 183,440 | $ | 131,731 |
Employee compensation and benefits expense | 83,581 | 67,706 | 165,442 | 142,571 | ||||
Contractors and outside services | 46,408 | 20,915 | 93,251 | 49,701 | ||||
Utilities | 11,165 | 7,688 | 22,975 | 19,427 | ||||
Other expenses | 13,630 | 4,717 | 25,650 | 9,892 | ||||
Changes in inventories | (50,731) | 1,383 | (98,149) | 19,428 | ||||
$ | 199,429 | $ | 148,433 | $ | 392,609 | $ | 372,750 |
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
COVID-19 related mine care and maintenance expenses(1)
| $ | - | $ | 34,967 | $ | - | $ | 41,452 |
COVID 19 mine care and maintenance depreciation | - | 11,543 | - | 13,169 | ||||
Total COVID 19 mine care and maintenance | - | 46,510 | - | 54,621 | ||||
Mine care and maintenance expenses | 7,757 | 5,693 | 15,023 | 13,606 | ||||
$ | 7,757 | $ | 52,203 | $ | 15,023 | $ | 68,227 |
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Interest expense | $ | 782 | $ | 2,264 | $ | 1,825 | $ | 5,809 |
Finance fees | 928 | 531 | 1,857 | 1,311 | ||||
Accretion expense (Note 12) | 1,869 | 2,068 | 3,738 | 4,134 | ||||
$ | 3,579 | $ | 4,863 | $ | 7,420 | $ | 11,254 |
PAN AMERICAN SILVER CORP. |
19
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
For the three months ended June 30, | 2021 | 2020 | ||||||||
Earnings(1)
(Numerator)
|
Shares (000's) (Denominator) |
Per-Share Amount |
Earnings(1)
(Numerator)
|
Shares (000's) (Denominator) |
Per-Share Amount | |||||
Net earnings for the period | $ | 70,939 | $ | 20,063 | ||||||
Basic earnings per share | $ | 70,939 | 210,284 | $ | 0.34 | $ | 20,063 | 210,041 | $ | 0.10 |
Effect of Dilutive Securities: | ||||||||||
Stock Options | - | 154 | - | 211 | ||||||
Diluted earnings per share | $ | 70,939 | 210,438 | $ | 0.34 | $ | 20,063 | 210,252 | $ | 0.10 |
For the six months ended June 30, | 2021 | 2020 | ||||||||
Earnings(1)
(Numerator)
|
Shares (000's) (Denominator) |
Per-Share Amount |
Earnings(1)
(Numerator)
|
Shares (000's) (Denominator) |
Per-Share Amount | |||||
Net earnings (loss) for the period | $ | 63,141 | $ | (56,744) | ||||||
Basic earnings (loss) per share | $ | 63,141 | 210,273 | $ | 0.30 | $ | (56,744) | 209,993 | $ | (0.27) |
Effect of Dilutive Securities: | ||||||||||
Stock Options | - | 163 | - | - | ||||||
Diluted earnings (loss) per share | $ | 63,141 | 210,436 | $ | 0.30 | $ | (56,744) | 209,993 | $ | (0.27) |
Three months ended June 30, |
Six months ended June 30, | |||||||
Other operating activities | 2021 | 2020 | 2021 | 2020 | ||||
Adjustments for non-cash income statement items: | ||||||||
Net realizable value adjustment for inventories | $ | (7,246) | $ | 1,489 | $ | (15,389) | $ | 13,209 |
(Gains) losses on derivatives (Note 4c) | (3,113) | (3,612) | (5,490) | 5,211 | ||||
Share-based compensation expense | 1,250 | 1,231 | 2,130 | 2,234 | ||||
(Income) loss from equity investees (Note 9) | (3,320) | (40) | (3,518) | 2,889 | ||||
(Gains) losses on sale of mineral properties, plant and equipment | (4,146) | 1,986 | (4,256) | 1,951 | ||||
Gains on warrants | (7) | (636) | - | (636) | ||||
$ | (16,582) | $ | 418 | $ | (26,523) | $ | 24,858 |
Three months ended June 30, |
Six months ended June 30, | |||||||
Changes in non-cash operating working capital items: | 2021 | 2020 | 2021 | 2020 | ||||
Trade and other receivables | $ | (9,793) | $ | 2,492 | $ | (8,570) | $ | 42,100 |
Inventories | (38,429) | 33,664 | (78,363) | 42,654 | ||||
Prepaid expenses | 4,426 | 7,969 | 2,246 | 5,914 | ||||
Accounts payable and accrued liabilities | 7,548 | (12,103) | 1,133 | (19,665) | ||||
Provisions | (767) | (751) | (859) | (1,581) | ||||
$ | (37,015) | $ | 31,271 | $ | (84,413) | $ | 69,422 |
PAN AMERICAN SILVER CORP. |
20
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
Cash and Cash Equivalents |
June 30, 2021 |
December 31, 2020 | ||
Cash in banks | $ | 157,125 | $ | 167,113 |
For the three months ended June 30, 2021 | |||||||||||||
Segment/Country | Operation | Revenue | Production costs and royalties | Depreciation | Mine operating earnings | Mine care and maintenance |
Capital expenditures(1)
| ||||||
Silver Segment: | |||||||||||||
Mexico | La Colorada | $ | 34,441 | $ | 15,506 | $ | 5,026 | $ | 13,909 | $ | - | $ | 14,383 |
Peru | Huaron | 35,672 | 20,805 | 2,564 | 12,303 | - | 2,549 | ||||||
Morococha | 28,805 | 19,612 | 3,449 | 5,744 | - | 2,365 | |||||||
Bolivia | San Vicente | 22,393 | 16,778 | 2,421 | 3,194 | - | 833 | ||||||
Argentina | Manantial Espejo | 23,425 | 19,642 | 2,381 | 1,402 | - | 2,271 | ||||||
Guatemala | Escobal | - | - | - | - | 6,012 | 264 | ||||||
Total Silver Segment | 144,736 | 92,343 | 15,841 | 36,552 | 6,012 | 22,665 | |||||||
Gold Segment: | |||||||||||||
Mexico |
Dolores(2)
| 92,994 | 37,859 | 25,843 | 29,292 | - | 8,337 | ||||||
Peru | Shahuindo | 42,459 | 18,739 | 6,921 | 16,799 | - | 8,889 | ||||||
La Arena | 43,158 | 17,595 | 9,653 | 15,910 | - | 12,507 | |||||||
Canada | Timmins | 58,785 | 44,008 | 9,911 | 4,866 | - | 13,312 | ||||||
Total Gold Segment | 237,396 | 118,201 | 52,328 | 66,867 | - | 43,045 | |||||||
Other segment: | |||||||||||||
Canada | Pas Corp | - | - | 119 | (119) | - | 84 | ||||||
Argentina | Navidad | - | - | - | - | 1,745 | 18 | ||||||
Other | Other | - | - | 252 | (252) | - | 211 | ||||||
Total | $ | 382,132 | $ | 210,544 | $ | 68,540 | $ | 103,048 | $ | 7,757 | $ | 66,023 |
PAN AMERICAN SILVER CORP. |
21
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
For the three months ended June 30, 2020 | |||||||||||||
Segment/Country | Operation | Revenue | Production costs and royalties | Depreciation | Mine operating earnings | Mine care and maintenance |
Capital expenditures(1)
| ||||||
Silver Segment: | |||||||||||||
Mexico | La Colorada | $ | 16,802 | $ | 8,040 | $ | 2,513 | $ | 6,249 | $ | 7,999 | $ | 5,851 |
Peru | Huaron | 7,644 | 3,822 | 509 | 3,313 | 8,504 | 581 | ||||||
Morococha | 1,484 | 483 | (141) | 1,142 | 7,900 | 2,086 | |||||||
Bolivia | San Vicente | 3,123 | 1,989 | 476 | 658 | 2,890 | 232 | ||||||
Argentina | Manantial Espejo | 14,289 | 13,100 | 1,591 | (402) | 3,644 | 2,762 | ||||||
Guatemala | Escobal | - | - | - | - | 4,524 | 4,713 | ||||||
Total Silver Segment | 43,342 | 27,434 | 4,948 | 10,960 | 35,461 | 16,225 | |||||||
Gold Segment: | |||||||||||||
Mexico |
Dolores(2)
| 61,751 | 47,351 | 16,818 | (2,418) | 10,175 | 9,551 | ||||||
Peru | Shahuindo | 58,521 | 23,359 | 8,934 | 26,228 | 2,891 | 3,473 | ||||||
La Arena | 22,981 | 14,727 | 4,557 | 3,697 | 2,509 | 2,085 | |||||||
Canada | Timmins | 62,914 | 40,096 | 12,501 | 10,317 | - | 2,444 | ||||||
Total Gold Segment | 206,167 | 125,533 | 42,810 | 37,824 | 15,575 | 17,553 | |||||||
Other segment: | |||||||||||||
Canada | Pas Corp | - | - | 124 | (124) | - | (103) | ||||||
Argentina | Navidad | - | - | - | - | 1,167 | - | ||||||
Other | Other | - | - | 274 | (274) | - | (360) | ||||||
Total | $ | 249,509 | $ | 152,967 | $ | 48,156 | $ | 48,386 | $ | 52,203 | $ | 33,315 |
For the six months ended June 30, 2021 | |||||||||||||
Segment/Country | Operation | Revenue | Production costs and royalties | Depreciation | Mine operating earnings | Mine care and maintenance |
Capital expenditures(1)
| ||||||
Silver Segment: | |||||||||||||
Mexico | La Colorada | $ | 39,771 | $ | 19,710 | $ | 7,390 | $ | 12,671 | $ | - | $ | 23,851 |
Peru | Huaron | 74,174 | 42,511 | 5,439 | 26,224 | - | 4,161 | ||||||
Morococha | 53,162 | 37,776 | 6,999 | 8,387 | - | 4,756 | |||||||
Bolivia | San Vicente | 47,044 | 32,687 | 5,357 | 9,000 | - | 1,391 | ||||||
Argentina | Manantial Espejo | 52,527 | 46,038 | 6,344 | 145 | - | 3,649 | ||||||
Guatemala | Escobal | - | - | - | - | 11,874 | 296 | ||||||
Total Silver Segment | 266,678 | 178,722 | 31,529 | 56,427 | 11,874 | 38,104 | |||||||
Gold Segment: | |||||||||||||
Mexico |
Dolores(2)
| 165,487 | 66,699 | 54,424 | 44,364 | - | 17,255 | ||||||
Peru | Shahuindo | 100,796 | 44,511 | 16,079 | 40,206 | - | 11,711 | ||||||
La Arena | 99,111 | 36,658 | 20,904 | 41,549 | - | 27,226 | |||||||
Canada | Timmins | 118,159 | 86,996 | 19,951 | 11,212 | - | 22,178 | ||||||
Total Gold Segment | 483,553 | 234,864 | 111,358 | 137,331 | - | 78,370 | |||||||
Other segment: | |||||||||||||
Canada | Pas Corp | - | - | 238 | (238) | - | 165 | ||||||
Argentina | Navidad | - | - | - | - | 3,149 | 79 | ||||||
Other | Other | - | - | 508 | (508) | - | 258 | ||||||
Total | $ | 750,231 | $ | 413,586 | $ | 143,633 | $ | 193,012 | $ | 15,023 | $ | 116,976 |
PAN AMERICAN SILVER CORP. |
22
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
For the six months ended June 30, 2020 | |||||||||||||
Segment/Country | Operation | Revenue | Production costs and royalties | Depreciation | Mine operating earnings | Mine care and maintenance |
Capital expenditures(1)
| ||||||
Silver Segment: | |||||||||||||
Mexico | La Colorada | $ | 51,626 | $ | 29,472 | $ | 8,430 | $ | 13,724 | $ | 7,999 | $ | 14,246 |
Peru | Huaron | 25,466 | 19,041 | 3,544 | 2,881 | 10,758 | 1,994 | ||||||
Morococha | 16,060 | 15,724 | 3,340 | (3,004) | 10,103 | 4,710 | |||||||
Bolivia | San Vicente | 16,443 | 13,269 | 2,908 | 266 | 2,890 | 2,157 | ||||||
Argentina | Manantial Espejo | 35,714 | 32,357 | 3,387 | (30) | 5,617 | 7,023 | ||||||
Guatemala | Escobal | - | - | - | - | 10,938 | 4,724 | ||||||
Total Silver Segment | 145,309 | 109,863 | 21,609 | 13,837 | 48,305 | 34,854 | |||||||
Gold Segment: | |||||||||||||
Mexico |
Dolores(2)
| 123,147 | 100,010 | 42,789 | (19,652) | 10,175 | 24,675 | ||||||
Peru | Shahuindo | 142,108 | 57,605 | 22,784 | 61,719 | 3,748 | 11,405 | ||||||
La Arena | 64,331 | 34,459 | 12,022 | 17,850 | 3,332 | 14,783 | |||||||
Canada | Timmins | 133,042 | 81,251 | 26,309 | 25,482 | - | 6,951 | ||||||
Total Gold Segment | 462,628 | 273,325 | 103,904 | 85,399 | 17,255 | 57,814 | |||||||
Other segment: | |||||||||||||
Canada | Pas Corp | - | - | 252 | (252) | - | 145 | ||||||
Argentina | Navidad | - | - | - | - | 2,667 | 8 | ||||||
Other | Other | - | - | 540 | (540) | - | 308 | ||||||
Total | $ | 607,937 | $ | 383,188 | $ | 126,305 | $ | 98,444 | $ | 68,227 | $ | 93,129 |
At June 30, 2021 | |||||||
Segment/Country | Operation | Assets | Liabilities | Net assets | |||
Silver Segment: | |||||||
Mexico | La Colorada | $ | 280,982 | $ | 42,982 | $ | 238,000 |
Peru | Huaron | 118,810 | 52,216 | 66,594 | |||
Morococha | 125,997 | 38,551 | 87,446 | ||||
Bolivia | San Vicente | 85,013 | 48,647 | 36,366 | |||
Argentina | Manantial Espejo | 70,642 | 27,788 | 42,854 | |||
Guatemala | Escobal | 287,149 | 22,044 | 265,105 | |||
Total Silver Segment | 968,593 | 232,228 | 736,365 | ||||
Gold Segment: | |||||||
Mexico |
Dolores(1)
| 761,708 | 170,774 | 590,934 | |||
Peru | Shahuindo | 554,560 | 170,161 | 384,399 | |||
La Arena | 294,419 | 110,308 | 184,111 | ||||
Canada | Timmins | 409,071 | 60,719 | 348,352 | |||
Total Gold Segment | 2,019,758 | 511,962 | 1,507,796 | ||||
Other segment: | |||||||
Canada | Pas Corp | 194,824 | 22,386 | 172,438 | |||
Argentina | Navidad | 193,048 | - | 193,048 | |||
Other | 78,789 | 48,277 | 30,512 | ||||
Total | $ | 3,455,012 | $ | 814,853 | $ | 2,640,159 |
PAN AMERICAN SILVER CORP. |
23
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
At December 31, 2020 | |||||||
Segment/Country | Operation | Assets | Liabilities | Net assets | |||
Silver Segment: | |||||||
Mexico | La Colorada | $ | 231,217 | $ | 48,971 | $ | 182,246 |
Peru | Huaron | 113,177 | 40,663 | 72,514 | |||
Morococha | 121,004 | 34,906 | 86,098 | ||||
Bolivia | San Vicente | 83,668 | 40,536 | 43,132 | |||
Argentina | Manantial Espejo | 75,113 | 26,950 | 48,163 | |||
Guatemala | Escobal | 288,588 | 24,427 | 264,161 | |||
Total Silver Segment | 912,767 | 216,453 | 696,314 | ||||
Gold Segment: | |||||||
Mexico |
Dolores(1)
| 752,873 | 169,444 | 583,429 | |||
Peru | Shahuindo | 566,734 | 201,427 | 365,307 | |||
La Arena | 299,372 | 112,475 | 186,897 | ||||
Canada | Timmins | 414,396 | 60,482 | 353,914 | |||
Total Gold Segment | 2,033,375 | 543,828 | 1,489,547 | ||||
Other segment: | |||||||
Canada | Pas Corp | 230,872 | 18,795 | 212,077 | |||
Argentina | Navidad | 192,999 | - | 192,999 | |||
Other | 63,862 | 48,960 | 14,902 | ||||
Total | $ | 3,433,875 | $ | 828,036 | $ | 2,605,839 |
Three months ended June 30, |
Six months ended June 30, | |||||||
Product Revenue | 2021 | 2020 | 2021 | 2020 | ||||
Refined silver and gold | $ | 264,579 | $ | 222,159 | $ | 543,504 | $ | 503,845 |
Zinc concentrate | 33,216 | 3,809 | 58,501 | 22,771 | ||||
Lead concentrate | 35,878 | 14,408 | 53,735 | 48,957 | ||||
Copper concentrate | 29,613 | 5,736 | 59,447 | 15,941 | ||||
Silver concentrate | 18,846 | 3,397 | 35,044 | 16,423 | ||||
Total | $ | 382,132 | $ | 249,509 | $ | 750,231 | $ | 607,937 |
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Current income tax expense | $ | 25,893 | $ | 9,047 | $ | 52,469 | $ | 28,370 |
Deferred income tax expense (recovery) | 3,703 | (4,324) | 15,104 | 29,073 | ||||
Income tax expense | $ | 29,596 | $ | 4,723 | $ | 67,573 | $ | 57,443 |
PAN AMERICAN SILVER CORP. |
24
|
Notes to the Condensed Interim Consolidated Financial Statements
| |
As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Earnings (loss) before income taxes | $ | 100,837 | $ | 24,135 | $ | 131,252 | $ | (380) |
Statutory Canadian income tax rate | 27.00 | % | 27.00 | % | 27.00 | % | 27.00 | % |
Income tax expense (recovery) based on above rates | $ | 27,226 | $ | 6,516 | $ | 35,438 | $ | (103) |
Increase (decrease) due to: | ||||||||
Non-deductible expenditures | 1,380 | 3,064 | 2,747 | 5,160 | ||||
Foreign tax rate differences | 3,921 | (1,077) | 7,836 | 5,834 | ||||
Change in net deferred tax assets not recognized: | ||||||||
- Argentina exploration expenditures | 517 | 637 | 991 | 1,372 | ||||
- Other deferred tax assets | (7,813) | (16,697) | 6,303 | 7,475 | ||||
Other mining and withholding taxes | 5,633 | 2,285 | 14,007 | 6,847 | ||||
Effect of foreign exchange on tax expense | (5,179) | 1,445 | 2,483 | 42,416 | ||||
Non-taxable impact of foreign exchange | 4,043 | 2,334 | 1,497 | (15,298) | ||||
Non-taxable portion of net earnings in affiliates | (1,439) | - | (1,439) | - | ||||
Change in non-deductible portion of reclamation liabilities | 1,802 | 3,181 | (1,441) | 4,000 | ||||
Change in opening temporary differences | (186) | 611 | 328 | (716) | ||||
Other | (309) | 2,424 | (1,177) | 456 | ||||
Income tax expense | $ | 29,596 | $ | 4,723 | $ | 67,573 | $ | 57,443 |
PAN AMERICAN SILVER CORP. |
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Notes to the Condensed Interim Consolidated Financial Statements
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As at June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020 (unaudited with tabular amounts in thousands of U.S. dollars except number of shares, options, warrants, and per share amounts, unless otherwise noted) |
PAN AMERICAN SILVER CORP. |
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Pan American Silver Corporation published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 10:05:14 UTC.