Silver Standard Resources Inc. (SSRI) 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. (SLW) and Hecla Mining (HL), 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. (AXU), with a Zacks Rank #2 (Buy), is a good option for investment in the silver mining industry.
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