Pan American Silver

Pan American Silver Corporation is a mining company based in Canada with operations in Latin America. The company has mines and other projects in Mexico, Peru, Bolivia, and Argentina.

Pan American Silver Corporation
TypePublic
TSX: PAAS
Nasdaq: PAAS
IndustryMetals
Founded1994
HeadquartersVancouver, Canada
Key people
Michael Steinmann, CEO
Revenue US$1,631 million (2021)
Number of employees
7,300
Websitewww.panamericansilver.com

It is one of the world's biggest silver producers;[1] in 2017 the company extracted 25 million ounces of Silver, 160,000 ounces of Gold, 55,300 ounces of Zinc, 21,500 tonnes of Lead, and 13,400 tonnes of Copper.[2]

History

Pan American Silver was founded in April 1994 by Ross Beaty.[3] Beaty had previously founded and run Equinox Resources, which he eventually sold to an American mining company.[3] It listed on NASDAQ in 1995 and acquired its Quiruvilca mine in the same year.[4] In 1998, it acquired the La Colorada Mine in Mexico, and in 2000 it acquired the Huaron mine in Peru.[4]

In 2012, Pan American acquired Minefinders Corporation for C$1.5 billion; Minefinders principal asset was the Dolores Mine in Mexico.[5] In 2018, it temporarily curtailed operations at its Dolores mine in Mexico, due to violence in the area.[1]

In 2020, research carried out by EJAtlas, MiningWatch Canada, Earthworks and the Institute for Policy Studies found that Pan-American Silver was involved in several environmental conflicts in Latin America and that these conflicts "demonstrate a lack of respect for communities defending their territories from mining."[6]

Tahoe resources acquisition
Further information: Tahoe Resources

In November 2018, Pan American announced it would acquire Tahoe Resources, a Nevada-based mining firm with mines in Latin America and Canada, for $1.1 billion or about $5 a share.[7][8] Tahoe's largest asset was its shuttered Escobal Silver Mine in Guatemala, which faced widespread protests and had significant human rights violations where security guards shot locals, leading to a high profile court case.[8] Markets reacted to the news, with Pan American's share price falling 12% whereas Tahoe's rose 50%.[9]

Operations

As of November 2018, Pan American has six operating mines:[10]

See also

References
  1. "Mexico violence hits Canadian silver miner's operations | CBC News". CBC. Retrieved 2018-11-07.
  2. "Pan American Silver - 2017 Annual Report" (PDF).
  3. Mckenzie, Kevin Hinton & Ryan. "Miner to missionary: The Ross Beaty story". BCBusiness. Retrieved 2018-11-07.
  4. "History | Pan American Silver | Corporate Site". Pan American Silver | Corporate Site. Retrieved 2018-11-07.
  5. "Pan American Silver to buy Minefinders for C$1.5 billion". Reuters. 2012-01-23. Retrieved 2018-11-07.
  6. "Conflict and harm at Pan American Silver". theecologist.org. 4 March 2020. Retrieved 2022-12-12.
  7. Taylor, Susan. "Pan American Silver offers $1.1 billion to buy out Tahoe". Reuters. Retrieved 2018-11-17.
  8. Colgrove, Sarah; Imai, Shin (22 February 2021). "Investors are increasingly shunning mining companies that violate human rights". The Conversation. Retrieved 2021-04-18.
  9. "Here's Why Tahoe Resources Soared Almost 50% Today". 14 November 2018.
  10. "Operations | Pan American Silver | Corporate Site". Pan American Silver | Corporate Site. Retrieved 2018-11-07.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.