<SEC-DOCUMENT>0001341004-13-000914.txt : 20131224
<SEC-HEADER>0001341004-13-000914.hdr.sgml : 20131224
<ACCEPTANCE-DATETIME>20130912143724
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ACCESSION NUMBER:		0001341004-13-000914
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130912

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2T6

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER BC V6C 2T6
		STATE:			A1
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
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<div style="LINE-HEIGHT: 14.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><img src="logo.jpg" alt="Pan American Silver Corp logo"></div>

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<div style="LINE-HEIGHT: 14.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">September 12, 2013</font></div>

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<div style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">United States Securities and Exchange Commission</font></div>

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<div align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Form 40-F for the Fiscal Year Ended December 31, 2012</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">File No. 0-13727</font></font></font></div>
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<div style="LINE-HEIGHT: 14.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Dear Ms. Jenkins,</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Set forth below are the responses of Pan American Silver Corp. (the "Company"), a corporation organized under the laws of Canada, to the comments of the staff (the "Staff") of the Securities and Exchange Commission (the &#8220;Commission&#8221;) contained in the letter dated August 14, 2013 (the "Comment Letter") with respect to the Annual Report on Form 40-F for the fiscal year ended December 31, 2012, filed with the Commission on March 28, 2013 via EDGAR.</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">For the convenience of the Staff, the text of the numbered comment in the Comment Letter has been duplicated in bold and italics type to precede the Company's response.</font></div>

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<div style="LINE-HEIGHT: 15.75pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Response to question 1</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form 40-F for the Year Ended December 31, 2012</font></font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Alternative Performance (non-GAAP) Measures, page 41</font></font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cash and Total Costs per Ounce of Silver, page 41</font></font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1. We note your response to our prior comment 1. It appears your revenues from the sales of by-products comprise 35% of your total revenue for 2012 and, for some mines, revenues from the sales of by&#8211;products was over 50% of the 2012 revenue for those mines. Given their significance to total revenue and mine-by-mine revenue, please tell us why you believe these items should be presented as by-products in your computation of cash cost per ounce and total cost per ounce. For mines where by-products constitute a significant portion of the revenue, tell us how you considered computing your cash costs and total cost computations on either a co-product basis or on a silver-equivalent ounce basis.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">We believe that cash costs per ounce of silver and total costs per ounce of silver, net of by-products, are useful, well-understood, widely-used non-GAAP performance measures. Our Management Discussion and Analysis states the following under the &#8220;Alternative Performance (Non-GAAP) Measures&#8221; section:</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 18pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">&#8220;The alternative performance measures of cash and total cost per ounce of silver are used by the Company to manage and evaluate operating performance at each of the Company&#8217;s mines and are widely reported in the silver mining industry as benchmarks for performance, ...&#8221;</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">As disclosed, the use of by-product accounting is first and foremost a performance metric.&#160;&#160;In order to facilitate a better understanding of these measures as calculated by the Company and to avoid any confusion as to this intended use amongst market participants, we also provide a detailed reconciliation of these measures to the production costs, as reported in the Company&#8217;s consolidated income statements for the respective periods.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">We are a silver focused and branded company that produces other metals incidentally to our silver mining activities. For example, gold is our highest revenue generating by-product in terms of percentage of total revenue, but it is primarily produced at only three of our seven active mines.&#160;&#160;Between 2010 and 2013, revenue from gold accounted for only 13% to 20% of the Company&#8217;s total annual revenues, and even those percentages have largely been a function of gold&#8217;s comparatively high market value per ounce during this period rather than the amount actually produced.&#160;&#160;The high price of gold means that the relative impact of gold production on a revenue basis is more pronounced even though the quantity of production is not large by mining industry standards (112,300 ounces of gold produced in 2012, for example) and pales against the ounces of silver produced by the Company (25.1 million ounces of silver produced in 2012).</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Since gold and other metals truly are by-products to our silver production, we have adopted the industry-wide practice of calculating the net cost of producing an ounce of the primary payable metal, after deducting revenues gained from incidental by-product production, as a performance measure and believe this measure is appropriate and justified. This performance measurement has been commonly used in the mining industry for many years and was developed as a relatively simple way of comparing the net production costs of the primary metal for a specific period against the prevailing market price of that metal.&#160;&#160;The nature of the by-product methodology also means that the calculation is relatively consistent across issuers, resulting in a truly comparative performance measurement.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">It is also important to note that the by-product methodology is utilized extensively in our internal decision making processes. These metrics provide us with performance measures that facilitate comparison, on a mine by mine basis, notwithstanding the unique mix of incidental by-product production at each mine and enable us to compare our operations&#8217; relative quality against the operations of our peers and competitors in the silver industry on a consistent basis.&#160;&#160;From a disclosure perspective, we believe that it is appropriate that market participants have access to a metric that we ourselves rely on internally and which we believe is important in running our business.</font><br>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">As a result, we believe that disclosure utilizing this by-product methodology is useful to shareholders as it provides a meaningful comparative tool to assess the performance of mining companies and provides shareholders, analysts and other market participants with a common, well understood methodology.</font></div>

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<div style="LINE-HEIGHT: 15.75pt; TEXT-INDENT: 0pt; DISPLAY: block"><img src="logo.jpg" alt="Pan American Silver Corp logo"></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Within our silver sector peer group, for example, the by-product methodology is predominantly used in public reporting thereby facilitating such performance comparisons, while co-product reporting amongst our peers is very limited.&#160;&#160;Of the 13 analysts who regularly follow the Company, 10 utilize the traditional by-product cash costs analysis, while two others present self-calculated co-product costs in addition to the by-product metric.&#160;&#160;Only one of the analysts identified as covering the Company has focused primarily on the co-product method.</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Finally, as the Staff is aware, the Company is a Canadian &#8220;foreign private issuer&#8221; under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), that is eligible to use, and files and furnishes its reports with and to the Commission under the U.S./Canada Multijurisdictional Disclosure System (the &#8220;MJDS&#8221;).&#160; As an MJDS filer, the Company is permitted to use its Canadian disclosure documents to satisfy its U.S. continuous disclosure obligations, including its annual report on Form 40-F, which contains Management&#8217;s Discussion and Analysis. <font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 12pt">&#160;</font>As noted in the adopting release for the MJDS (SEC Release No. 34-29354) (the &#8220;MJDS Release&#8221;), review of the Company&#8217;s Canadian disclosure documents contained in MJDS filings will generally be undertaken by Canadian securities authorities and generally will be that customary in Canada.&#160;&#160;Thus, except in the unusual case where the Staff has reason to believe there is a problem with the filing, the Canadian disclosure documents included in MJDS filings generally will be given a &#8220;no review&#8221; status by the Commission.&#160;&#160;In instances that the Commission reviews Canadian disclosure documents contained in MJDS filings, the Company understands that Section III(I) of the MJDS Release further notes that the Commission, by adopting the MJDS, in essence has adopted as its own requirements the disclosure requirements of the Canadian forms.&#160;&#160;We also note that the Staff has confirmed that a Canadian issuer that is eligible to use the MJDS may report its non-GAAP measures pursuant to Canadian disclosure standards rather than U.S. standards since an annual report on Form 40-F is not subject to Regulation G or Item 10(e) of Regulation S-K under the Exchange Act (see Compliance and Disclosure Interpretations: Non-GAAP Financial Measures, Question 106.03).&#160;&#160;In this respect, we note that reporting cash costs per ounce of silver and total costs per ounce of silver, net of by-products, is acceptable disclosure under Canadian securities laws and policies applicable to publicly reporting mining companies.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Notwithstanding the foregoing and although we feel that the co-product accounting is subject to uncertainties, is not well-understood in the market and is much more susceptible to being calculated inconsistently and arbitrarily, if the Commission determines that co-product or silver equivalency reporting is the method reporting issuers must adopt in their disclosure, we would encourage the Commission to approach this through a broader, industry-wide regulatory initiative. We believe that such an industry-wide approach is important in order to minimize inconsistencies in reporting of these important performance metrics to investors and to avoid the Company being placed at a competitive and informational disadvantage relative to its peers that could result from the comment process.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">It may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">___<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/Rob Doyle</font>________________</font></div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
