Silver Standard Resources Inc.
) has reported third-quarter 2013 operational update for its
Pirquitas mine in Jujuy, Argentina.
The mine produced 2 million ounces of silver during the
quarter, 5.3% higher than the previous quarter. Planned higher
tonnage through the mill led to the sequential increase in silver
production in the quarter. Silver Standard also sold 2 million
ounces of silver at the Pirquitas mine in the third quarter, in
line with the production amount.
Pirquitas mine's production of 7.8 million pounds of zinc from
zinc concentrate was the highest in any quarter in the mine's
history. Production was up roughly 40% from the previous quarter.
The increase was attributed to higher zinc grades and plant
recoveries as the company mined more of the zinc-rich Potosi area
of the San Miguel open pit.
Silver Standard milled 394,000 tons of ore at the mine, up 8%
from the second quarter of 2013. This was possible as the average
rate of ore milled was 4,283 tons per day that is 7% above the
mill's nominal design. As the company progressed with the San
Miguel Phase 2 open pit transition, it expects its proportion of
sulphide ore in the mill feed to increase.
Vancouver, Canada-based Silver Standard Resources has assets
mainly in the Americas. The company owns and operates the
Pirquitas mine, which is one of the largest primary silver mines
in the world.
Silver Standard, which is among the leading players in the
silver mining industry along with
Silver Wheaton Corp.
), currently retains a Zacks Rank #3 (Hold). The company is
expected to release its third quarter results after the closing
bell on Nov 5.
Alexco Resource Corp.
), with a Zacks Rank #2 (Buy), is a good option for investment in
the silver mining industry.
ALEXCO RESOURCE (AXU): Free Stock Analysis
HECLA MINING (HL): Free Stock Analysis Report
SILVER WHEATON (SLW): Free Stock Analysis
SILVER STD RES (SSRI): Free Stock Analysis
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