Pan American Silver
|Traded as||TSX: PAA|
|Michael Steinmann, CEO|
|Revenue||US$301 million (2007)|
Number of employees
It is one of the world's biggest silver producers; 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.
Pan American Silver was founded in April 1994 by Ross Beaty. Beaty had previously founded and run Equinox Resources, which he eventually sold to an American mining company. It listed on NASDAQ in 1995 and acquired its Quiruvilca mine in the same year. In 1998, it acquired the La Colorada Mine in Mexico, and in 2000 it acquired the Huaron mine in Peru.
In 2012, Pan American acquired Minefinders Corporation for C$1.5 billion; Minefinders principal asset was the Dolores Mine in Mexico. In 2018, it temporarily curtailed operations at its Dolores mine in Mexico, due to violence in the area.
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. Tahoe's largest asset was its shuttered Escobal Silver Mine in Guatemala, which has a troubled history. Markets reacted to the news, with Pan American's share price falling 12% whereas Tahoe's rose 50% .
As of November 2018, Pan American has six operating mines:
- La Colorada Mine in Sonora, Mexico, with 2017 production of 7.1 MOz of Silver
- Dolores Mine in Chihuahua, Mexico, with 2017 production of 4.2 MOz of Silver
- Huaron 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
- "Mexico violence hits Canadian silver miner's operations | CBC News". CBC. Retrieved 2018-11-07.
- "Pan American Silver - 2017 Annual Report" (PDF).
- Mckenzie, Kevin Hinton & Ryan. "Miner to missionary: The Ross Beaty story". BCBusiness. Retrieved 2018-11-07.
- "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.
- Taylor, Susan. "Pan American Silver offers $1.1 billion to buy out Tahoe". Reuters. Retrieved 2018-11-17.
- "Operations | Pan American Silver | Corporate Site". Pan American Silver | Corporate Site. Retrieved 2018-11-07.