September 27, 2011 / 8:50 AM / in 7 years

UPDATE 1-Silver Standard cuts output view on mill shutdown

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Sept 27 (Reuters) - Silver Standard Resources Inc said its Pirquitas mill in Argentina was shut down on Sept. 24 due to a gearbox failure and, as a result, cut its 2011 silver production outlook.

The Vancouver-based miner said it now expects to produce 7.3 million to 7.6 million ounces of silver this year, against previous expectations for 8.5 million.

“We are refurbishing the gearbox now and in November will take delivery of a new gearbox ... allowing us to continually produce between 8 and 10 million ounces of silver annually,” Chief Executive John Smith said in a statement.

Silver Standard said the processing plant will resume operations this week.

The company, which has properties in development throughout the Americas and in Australia, said the cost outlook will be re-examined and reported alongside third-quarter results. (Reporting by Sakthi Prasad in Bangalore; Editing by David Hulmes)

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