Which smelters and refiners are listed in Pan American Silver’s latest sustainability or annual report?

1. What the company published and where it lives

Pan American Silver issued a 2024 Sustainability Report that was formally released on May 29, 2025 and is hosted on the company website as a downloadable PDF under its sustainability page and news releases ^{[2] [1]}; that same release was syndicated through BusinessWire and other channels ^{[3] [4]}. The company’s investor pages and financial filings also point readers to sustainability reporting and the 2024 Annual Report, where topics such as treatment and refining charges are discussed in a financial context ^{[5] [6]}.

2. The specific question — does the report list smelters/refiners?

A targeted review of the documents surfaced in the provided results shows the 2024 Sustainability Report PDF as the primary source for ESG disclosures, but the snippets and metadata returned in the search results do not reveal an explicit vendor-by-vendor list of smelters or refiners in those excerpts ^[1]. The news and press announcements that accompany the report emphasize alignment to GRI and SASB standards and highlight performance metrics and recognitions, but those press summaries do not enumerate smelters or refiners ^{[2] [3] [4]}.

3. What the Annual Report contains about refining and related costs

Pan American’s 2024 Annual Report and related financial documents discuss treatment and refining charges and how those costs affected per‑ounce metrics and all‑in sustaining costs for 2024, indicating that refining activity and commercial concentrate terms are material to the company’s cost profile ^[5]. However, the search snippets from the annual report do not, in the provided extracts, list individual third‑party smelters or refineries by name ^[5].

4. Why the list might be absent from press excerpts and what to do next

Many companies publish smelter/refiner lists either within detailed Responsible Minerals or Conflict Minerals disclosures, in supply‑chain annexes of sustainability reports, or upon request as part of due diligence; those annexes are sometimes separate documents or buried within a lengthy PDF and will not be visible in short press excerpts ^[1]. Because the available search snippets do not display such an annex, the most reliable next step is to open the full 2024 Sustainability Report PDF hosted on Pan American’s site and search that document for “smelter”, “refiner”, “refinery”, or for an appendix titled “smelters and refiners” ^{[1] [7]}.

5. Alternative explanations and transparency tradeoffs

It is possible the company discloses smelter/refiner names in a separate filing or dedicated conflict‑minerals report—common practice for companies complying with specific supply‑chain standards—or that Pan American aggregates smelting/refining partners without naming each facility in high‑level sustainability summaries ^{[2] [1]}. The press releases and summaries emphasize GRI and SASB alignment and ESG rankings rather than supply‑chain vendor enumeration, which can reflect an editorial or strategic choice by the company about what to highlight in headline communications ^{[2] [3]}.

6. Bottom line for researchers

The available materials point to the 2024 Sustainability Report PDF as the authoritative source for ESG and supply‑chain disclosures ^[1], but the provided search excerpts do not contain a named list of smelters and refiners; confirming the exact roster requires opening the full report PDF or supplemental supply‑chain documents on Pan American’s sustainability or financial filings pages ^{[1] [6]}. If the PDF lacks the list, the next steps are to consult the company’s dedicated sustainability reporting portal and any separate conflict‑minerals or smelter‑disclosure annexes the company may publish ^{[7] [8]}.