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.
 | |
| Company type | Public |
|---|---|
| TSX: PAAS NYSE: PAAS | |
| Industry | Metals |
| Founded | 1994 |
| Headquarters | Vancouver, Canada |
Key people | Michael Steinmann, CEO |
| Revenue |  US$1,631 million (2021) |
Number of employees | 7,300 |
| Website | www |
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
editPan 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
editIn 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
editAs of November 2018[update], Pan American has six operating mines:[10]
- La Colorada Mine in Zacatecas, Mexico, with 2017 production of 7.1 MOz of Silver
- Dolores Mine in Chihuahua, Mexico, with 2017 production of 4.2 MOz of Silver
- Huarón Mine in Pasco Region, Peru, with 2017 production of 3.7 MOz of Silver
- San Vincente Mine in Potosí Department, Bolivia, with 2017 production of 3.6 MOz of Silver
- Manantial Espejo Mine in Santa Cruz, Argentina, with 2017 production of 3.1 MOz of Silver
- Morococha Mine in Junín Region, Peru, with 2017 production of 2.6 MOz of Silver
See also
editReferences
edit- ^ a b "Mexico violence hits Canadian silver miner's operations | CBC News". CBC. Retrieved 2018-11-07.
- ^ "Pan American Silver - 2017 Annual Report" (PDF).
- ^ a b Mckenzie, Kevin Hinton & Ryan. "Miner to missionary: The Ross Beaty story". BCBusiness. Retrieved 2018-11-07.
- ^ a b "History | Pan American Silver | Corporate Site". Pan American Silver | Corporate Site. Retrieved 2018-11-07.
- ^ "Pan American Silver to buy Minefinders for C$1.5 billion". Reuters. 2012-01-23. Retrieved 2018-11-07.
- ^ "Conflict and harm at Pan American Silver". theecologist.org. 4 March 2020. Retrieved 2022-12-12.
- ^ Taylor, Susan. "Pan American Silver offers $1.1 billion to buy out Tahoe". Reuters. Retrieved 2018-11-17.
- ^ a b Colgrove, Sarah; Imai, Shin (22 February 2021). "Investors are increasingly shunning mining companies that violate human rights". The Conversation. Retrieved 2021-04-18.
- ^ "Here's Why Tahoe Resources Soared Almost 50% Today". 14 November 2018.
- ^ "Operations | Pan American Silver | Corporate Site". Pan American Silver | Corporate Site. Retrieved 2018-11-07.