 | |
| Type | Public |
|---|---|
| TSX: PAAS Nasdaq: 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 |
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.
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
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]
- 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
References
- 1 2 "Mexico violence hits Canadian silver miner's operations | CBC News". CBC. Retrieved 2018-11-07.
- ↑ "Pan American Silver - 2017 Annual Report" (PDF).
- 1 2 Mckenzie, Kevin Hinton & Ryan. "Miner to missionary: The Ross Beaty story". BCBusiness. Retrieved 2018-11-07.
- 1 2 "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.
- 1 2 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.