Economic Rules Hub
  • World
  • Politics
  • Business
  • Investing
Home Investing Pan American Makes US$295 Million Deal to Sell La Arena Mine
Investing

Pan American Makes US$295 Million Deal to Sell La Arena Mine

by admin May 4, 2024
May 4, 2024

Pan American Silver (TSX:PAAS,NASDAQ:PAAS) has announced the sale of its 100 percent interest in La Arena, including the La Arena gold mine and the La Arena II project in Peru, to Singapore’s Jinteng Mining.

Jinteng is a subsidiary of Zijin Mining Group (OTC Pink:ZIJMF,SHA:601899).

Zijin will pay US$245 million cash upfront and grant Pan American a life-of-mine gold net smelter return royalty of 1.5 percent for the La Arena II project upon the deal closing. Additionally, upon the commencement of commercial production from the La Arena II project, an additional contingent payment of US$50 million in cash will be made.

Pan American expects the deal to be finalized in the third quarter of 2024.

‘With the sale of La Arena, we continue to deliver on our strategy to optimize our portfolio, following the Yamana transaction, while maintaining future upside through the retention of royalties,’ President and CEO Michael Steinmann stated in a company press release on Wednesday (May 1).

‘Proceeds from the transaction will further strengthen our financial position and allow us to deliver on our capital allocation priorities of investing in high-quality assets, debt reduction and returning capital to our shareholders.’

The La Arena property, situated in the La Libertad province of Peru, has seen significant development under Pan American’s ownership since its acquisition of previous owner Tahoe Resources in 2019.

Despite the sale of La Arena, Pan American Silver retains a strong foothold in the sector, with interests in exploration and development projects across the region. The company is planning expansions at its Huarón silver mine, also in Peru.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterPinterestEmail
previous post
Sony and Apollo send letter expressing interest in $26B Paramount buyout as company considers Skydance bid
next post
Tisdale Clean Energy Corp. Presents in Red Cloud’s Virtual Webinar Series

Related Posts

More high-grade assays pave way for resource at Golden Eye

June 10, 2025

Mario Innecco: Gold Still in Third Inning, When Will Silver...

June 10, 2025

Drilling Planned to Update & Grow Lo Herma Resource

June 10, 2025

Sarama Outlines Extensive Gold Trends at Cosmo Gold Project

June 10, 2025

Walker Lane Resources Announces Terms for Private Placement Units to...

June 10, 2025

Finlay Minerals Announces Closing of Non-Brokered Private Placement of Flow-Through...

June 10, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Soldiers return home after years in captivity as Ukraine-Russia prisoner swap begins

      June 10, 2025
    • China to make all hospitals offer epidurals to incentivize childbirth

      June 10, 2025
    • Canada plans to hit NATO spending target early and reduce reliance on US defense, Carney says

      June 10, 2025
    • Russia strikes Kyiv and Odesa with aerial attacks, at least two people wounded, officials say

      June 10, 2025
    • Teenage TikTok star’s murder leaves Pakistani women questioning whether any safe spaces exist – online or on the street

      June 10, 2025

    Categories

    • Business (1,396)
    • Investing (3,417)
    • Politics (4,574)
    • World (4,489)
    • Email Whitelisting
    • Terms and Conditions
    • Privacy Policy
    • Contacts
    • About us

    Disclaimer: EconomicRulesHub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 EconomicRulesHub.com | All Rights Reserved

    Economic Rules Hub
    • World
    • Politics
    • Business
    • Investing