Pan American Silver (TSE:PAAS) has released an update.
Pan American Silver Corp. has announced the sale of its La Arena gold mine and the La Arena II project in Peru to Zijin Mining Group’s subsidiary for $245 million plus a contingent payment of $50 million. The deal strengthens Pan American’s financial position, allowing for investment in high-quality assets, debt reduction, and enhanced shareholder returns. Anticipated to close in Q3 2024, the agreement includes a 1.5% net smelter return royalty for Pan American on the La Arena II project.
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