Published: May 4, 2023 |

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Pan American Silver has completed its acquisition of all the issued and outstanding common shares of Yamana Gold for a total of up to $4.8 billion.

The announcement follows the sale of Yamana’s Canadian assets, including certain subsidiaries and partnerships interests in the Canadian Malartic mine, to Agnico Eagle Mines.

Under the terms of the deal, Yamana shareholders received $1.0406 in cash for each Yamana Share held, along with 0.0376 shares of Agnico Eagle and 0.1598 shares of Pan American.

Yamana shareholders received $1 billion in cash, 36.2 million Agnico Eagle Shares and 153 million Pan American.

Upon closing, existing Pan American shareholders owned about 58 percent of the Pan American shares and former Yamana shareholders around 42 percent of the Pan American shares.

“This acquisition is transformative for Pan American, significantly increasing the scale of our operations in Latin America where we have been operating for nearly three decades,” said Pan American President and Chief Executive Officer Michael Steinmann.

“We expect a material increase in our production of silver and gold, while we continue to provide a preferred way to invest in silver through large silver mineral reserves and growth opportunities, further enhanced by the increase in our market capitalization and trading liquidity,” added Steinmann.

“The acquisition is firmly aligned with our strategy of creating value by pursuing attractive growth opportunities, improving operating margins and extending mine life,” concluded Steinmann.

The transaction provides Pan American with four additional producing mines in its portfolio.

It will add the Jacobina mining complex in Brazil, the El Peñón and Minera Florida mines in Chile, and the Cerro Moro mine in Argentina, along with the MARA development project in Argentina.

Pan American has further amended and restated its existing $500 million sustainability-linked credit agreement, increasing it up to $750 million.

Source: NS Energy

About Pan American Silver
Pan American is a leading producer of precious metals in the Americas, operating silver and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil. They also own the Escobal mine in Guatemala that is currently not operating. They have been operating in the Americas for nearly three decades, earning an industry-leading reputation for sustainability performance, operational excellence, and prudent financial management. They are headquartered in Vancouver, B.C.

To stop by Pan American’s website, CLICK HERE

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