Earnings Call Excerpt
Pan American Silver Corp. (PAAS)
Q2 2006 Earnings Conference Call
August 3, 2006, 11:30 am ET
Executives
Ross J Beaty - Chairman
Geoffrey Burns - President and Chief Executive Officer
Robert G. Doyle - Chief Financial Officer
Steven Busby - VP of Project Devel. & Technical Services
Andrew Pooler - VP of Mining Operations
Michael Steinmann - Senior Vice President of Geology and Exploration
Analysts
Ian Howat - National Bank Financial
Neville Dastoor - Canaccord Adams
Adrian Day - Adrian Day Asset Management
Craig West - UBS
Jed Richardson - Sprott Security
Michael Dudas - Bear Stearns
Presentation
Operator
Good morning, my name is Eduardo, and I will be your conference facilitator today. At this time I would like to welcome everyone to the Pan American Silver Corp. Q2 2006 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to turn the floor over to your host, Ross Beaty, Chairman of Pan American Silver Corp. Sir, you may begin your conference.
Ross J Beaty - Chairman
Okay, thanks operator, and good morning ladies and gentlemen. Welcome to the Q2 Pan American Silver Conference Call. With me in Vancouver are Geoff Burns, Pan American’s President and CEO, and all three of our Senior Vice Presidents Rob Doyle. Robert Doyle is our Chief Financial Officer. Andy Pooler, is the Head of our Operations, Steve Busby, Head of our Project Development, and Michael Steinmann, Senior Vice President Geology and Exploration. As well we have Alexis Stewart, who is our new Director of Corporate and Investor Relations.
Well, as you can see we had a great quarter, record cash flow, record earnings, record working capital. We’re on target for record production in 2006 and we’ve record growth in progress as we expect to nearly double our production again by 2008. Every one of our mining operations is running well right now and we are meeting or exceeded our budget estimates on all our mining operations and all our development projects. We have a happy story and it’s a great time to be in the silver mining business. I will open things up, turn the call over to Geoff for the operations and developmental overview and then come back for an explanation of date and review of silver markets. Then we will open the call to questions.
Our Q2 numbers speak for themselves. We forecast this performance in our Q1 Conference Call and today I am very pleased to forecast even stronger results in Q3 and likely Q4 even if silver and other metal prices remain static. Our stock price has been relatively weak since our Q1 results were announced in early May. Of course, we were not alone in this most major mining companies show similar declines. But three things were specific to Pan American and the things have some impact on weakening our share prices and I am going to discuss each briefly here.
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