Silver Standard Resources Inc.
) has signed two additional long-term silver concentrate sales
contracts, totaling approximately 500 tons of silver concentrate
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The shipments under the new contracts are slated to begin in July.
The new contracts will help the company clear its excess silver
concentrate inventory. The company noted that during the latter
half of 2012, Silver Standard will sell silver concentrate into
four long-term contracts and will continue with spot sales.
Earlier in March, Silver Standard had entered into two separate
contracts with smelters to sell a significant portion of monthly
silver concentrate production from its Pirquitas silver mine in
Argentina. The two contracts totaled 700 tons of silver concentrate
per month or approximately 60% of the monthly production at
Pirquitas. As per the contracts, Silver Standards began shipment of
silver concentrate in April with the contracts effective for the
remainder of 2012.
During the first quarter of 2012, the Pirquitas mine attained a
record quarterly production of 2.2 million ounces of silver
compared with 1.8 million ounces in the fourth quarter of 2011 and
1.7 million ounces in the first quarter of 2011. Improvements made
to the crusher, the ball mill gearbox and several operating
processes in 2011 and 2012, which increased plant throughput and
operating performance, led to the stellar performance. Silver
Standard expects to produce 8.2 to 8.5 million ounces of silver in
Vancouver Canada-based Silver Standard Resources engages in the
acquisition, exploration, development, and operation of
silver-dominant resource properties mainly in the Americas. It
primarily explores silver, zinc, gold, lead, and manganese
The company's principal projects include the Pirquitas Mine located
in the province of Jujuy in northern Argentina; the San Luis
gold-silver project located in central Peru; the Pitarrilla and San
Agustin projects located in Durango State, Mexico; and the
Diablillos gold-silver project located to the southwest of Salta on
the altiplano of northern Argentina. It competes with
BHP Billiton Ltd.
Grupo Mexico SAB de CV