The miner, the world's largest primary silver producer and Mexico's No. 2 gold company, expects production of the grey metal to fall this year to between 58 and 61 million ounces.
The Canadian miner planned to lay off 2,500 workers due to higher mining taxes in the country, but has now decided to continue dialogue with the government over the issue.
The miner produced 220,000 tonnes of the red metal in the three months to December, up 16% from the previous quarter, boosted by higher throughput and improved copper grades.