Great Panther Silver (TSE:GPR)(NYSE MKT:GPL) rebounded from a difficult start last year to post record annual production in 2014, on the back of a strong final quarter when metal output increased 19 percent.
The company, which recently added a satellite mine to its operations in Mexico, said metal production came to a record 3.19 million silver equivalent ounces last year, up 12 percent from 2013.
Silver production increased 11 percent to a record 1.9 million ounces, while gold output climbed 5 percent, also to an annual record of 16,461 ounces.
In the fourth quarter, overall metal production rose 19 percent to 911,048 silver equivalent ounces, as silver and gold output gained 13 and 24 percent, respectively. Ore processed increased 33 percent to the highest ever amount of 92,574 tonnes in a quarter.
"After a difficult start to the year, our team did an outstanding job of recovering and delivering record silver and gold production in 2014," said president and chief executive officer, Robert Archer, in a release.
The CEO noted that the company brought its San Ignacio property into production last year, which is a satellite mine at its Guanajuato mine complex, where metal production climbed 22 percent in the fourth quarter on the back of the San Ignacio ramp-up. Great Panther also operates the Topia mine in Mexico, where metal output increased 12 percent in the last quarter of 2014.
The precious metals miner discovered further high grade silver-gold mineralization at San Ignacio in the fourth quarter, and said it plans to focus on this area in 2015, with the mine expected to play an "increasingly important role in [its] overall growth."
Production at the mine is slated to increase this year as the focus shifts to the new high grade and thicker vein zones to the south of the current workings.
"Going forward, we will continue to focus on operational efficiencies and grade control with the objective of further optimizing our mining operations and reducing production costs," added Archer.
As a result, the company is expecting production of 3.5 to 3.6 million silver equivalent ounces in 2015, some 10 percent higher than 2014. Cash costs are anticipated to range between US$11.50 to US$12.50 an ounce, and all-in sustaining costs are projected at US$18.50 to US$19.85 an ounce.