<SEC-DOCUMENT>0001341004-13-001220.txt : 20131224
<SEC-HEADER>0001341004-13-001220.hdr.sgml : 20131224
<ACCEPTANCE-DATETIME>20131121144831
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001341004-13-001220
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20131121

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
</SEC-HEADER>
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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">November 21, 2013</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA EDGAR</font></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>

<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">100 F Street, N.E.</font></div>

<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">Washington, D.C. 20549-7010</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Pan American Silver Corp.</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" 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 style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">File No. 0-13727</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">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., a corporation organized under the laws of British Columbia, Canada (the "Company"), to the comments of the staff (the "Staff") of the Securities and Exchange Commission (the &#8220;Commission&#8221;) contained in the letter dated November 07, 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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<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">For the convenience of the Staff, we have numbered each of our responses to correspond to the numbered comments in the Comment Letter.&#160;&#160;Additionally, the text of each of the numbered comments in the Comment Letter has been duplicated in italics type to precede each of the Company's responses.</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 style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 1.2 &#8211; Management&#8217;s Discussion and Analysis for the Year Ended December 31, 2012</font></font></div>

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<div align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">We note from your response to our prior comment you have proposed presenting total cash operating costs net of by-product credits and total production costs net of by-product credits on a per ounce basis. Please confirm you will expand your disclosure in futures filings to also include cash operating cost before by-product credits on a per 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 do not believe that cash operating costs before by-product credits on a per ounce basis is an appropriate measure in respect of the Company and its disclosure. In effect, this calculation would result in 100% of our operating costs being applied against only a subset of the Company&#8217;s production (in our case, silver). This would entirely overlook the fact that our other products, such as gold and base metals, also have a cost to produce.&#160;&#160;Such a metric would, therefore, distort the Company&#8217;s true cost distribution and be&#160;misleading.</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">While we agree that cash operating costs before by-product credits on a per ounce basis could be meaningful where only a single metal is produced, it is not suitable in the context of multiple-metal producing operations where both costs and benefits are derived from the production of several metals and, in respect of costs, are not practically able to be segregated by product.&#160;&#160;We do not calculate this number for internal management purposes and think that it would misrepresent the reality of our operations to market participants.&#160;&#160;Pursuant to our recent correspondence with Staff, we believe that our proposed presentation of total cash operating costs before by-product credits in future disclosure provides shareholders with the additional assessment tool that the Staff is encouraging.&#160;&#160;Further, we note that the Company will also be reporting all-in sustaining costs per ounce of silver sold, which we believe is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company&#8217;s consolidated earnings and cash flow.&#160;&#160;We believe that these additional disclosure items obviate the need for yet another metric, especially when such metric is a notional construct.</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">Based on the foregoing, we respectfully request that your reconsider your position on this item.</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 hope the above adequately responds to the Staff&#8217;s Comment Letter. Furthermore, in connection with this letter, the Company hereby acknowledges that:</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 responsible for the adequacy and accuracy of the disclosure in its Form 40-F filing;</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">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the Company&#8217;s Form 40-F filing; and</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 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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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
