Pan American Silver has found a silver lining, but it is not in the clouds. The exploration and mining company produces more than 26 million ounces of silver annually and has proved and probable reserves of more than 317 million ounces. Its producing mines, all located in the Americas, include the Huarón silver mine in Peru. It also has mines in Mexico, Bolivia and Argentina. Refined silver and gold account for nearly 60% of its total sales; lead concentrate, 20%. Pan American Silver has development projects in Argentina and Mexico.