Pan American Silver has found a silver lining, but it is not in the clouds. The exploration and mining company produces more than 24 million ounces of silver annually and has proved and probable reserves of more than 230 million ounces. Its producing mines, all located in the Americas, include the Quiruvilca and Huarón silver mines, both in Peru. While the company expects silver to make up about half of its total revenue going forward, in the years leading up to 2009 copper and zinc have actually been its largest revenue makers. The company also mines gold and lead. Pan American Silver has development projects in Argentina and Mexico. In 2012 the company agreed to buy Minefinders Corporation for C$1.5 billion.