Newspaper article The Canadian Press

Pan American Silver Raises Dividend 50 per Cent on Return to Profit in Q4: Pan American Silver Raises Dividend 50%

Newspaper article The Canadian Press

Pan American Silver Raises Dividend 50 per Cent on Return to Profit in Q4: Pan American Silver Raises Dividend 50%

Article excerpt

VANCOUVER - Pan American Silver Corp. (TSX:PAA) says it is raising its dividend by 50 per cent amid record profit and sales in 2011.

The Vancouver-based gold and silver miner -- which reports in U.S. dollars -- said its fourth-quarter profit was $95.5 million, or 89 cents per share, compared to a loss of $5.8 million or six cents per share in the year-earlier period.

The company said it will raise its quarterly dividend to 3.75 cents per share.

Fourth-quarter sales from the company's seven operations increased nine per cent to $212.4 million from$195.6 million, largely due to higher metal prices, but was partially offset by lower volumes.

"The fourth quarter was not our best production quarter, but we still generated very respectable earnings and cash flows. As for the full year, the results speak for themselves, record sales, record operating cash flows, and record earnings," Geoff Burns, president and CEO.

During the fourth-quarter, the company had production issues at its Manantial Espejo and Alamo Dorado mines, but says those are now resolved.

"In spite of the rising cost trend that the whole industry is facing, our operating margins remain strong and we are poised to repeat the financial success we enjoyed in 2011," Burns said.

Full year earnings grew to $354 million from $15. …

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