Pan American Silver sells bundle of assets for $593 million
Pan American Silver said today it is selling its interest in the MARA project in Argentina, the Morococha mine in Peru, and the Agua de la Falda project in Chile for total consideration of $593 million.
The biggest transaction out of the three was the Mara sale for $475 million. Pan American sold its 56% interest to Glencore. The company said that the sale will help shore up Pan American's balance sheet after the Yamana deal. “The sale of these non-core assets is aligned with our stated aim of optimizing our portfolio following the Yamana acquisition. These transactions not only reaffirm our commitment to our core business but also yield substantial and immediate value to our shareholders, while maintaining future upside through the retention of copper and gold royalties with strong counterparties,” said Michael Steinmann, President and Chief Executive Officer of Pan American.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pan American Silver to sell South American assets in trio of deals worth $593 millionPan American Silver Corp. has reached several deals to sell some of its South American assets for a combined $593 million. Find out more.
Read more »
Pan American Silver to sell South American assets in trio of deals worth $593 millionPan American Silver Corp. has reached several deals to sell some of its South American assets for a combined $593 million. Find out more.
Read more »
Pan American Silver sells US$593M in South American assets in trio of deals - BNN BloombergPan American Silver Corp. says it has reached several deals to sell some of its South American assets for a combined US$593 million.
Read more »
Pan American sells noncore assets, including MARA stake, for $539mCanada-headquartered Pan American Silver on Monday announced the sale of three noncore assets for $539-million, including the disposal of its controlling interest in the MARA joint venture (JV) project, in Argentina. The company would sell its 56.25% interest in MARA, acquired through its acquisition of Yamana Gold, to diversified major Glencore, which would now assume 100% ownership of the copper asset.
Read more »
Canada’s Josh Liendo breaks own national record, wins silver in men’s 100-metre butterflyAt the World Aquatics Championships, Liendo eclipsed his previous national mark of 50.36 seconds set back in the spring
Read more »
Canada's Liendo breaks own national record, wins silver in men's 100-metre butterflyCanada's Josh Liendo won silver in the men's 100-metre butterfly with a Canadian record time at the World Aquatics Championships on Saturday.
Read more »