Pan American Silver
{{Short description|Canadian mining company}}
{{Infobox company
| name = Pan American Silver Corporation
| logo = Pan American Silver Logo.svg
| logo_size = 280px
| type = Public
| traded_as = {{TSX|PAAS}}
{{NYSE|PAAS}}
| foundation = 1994
| location = Vancouver, Canada
| key_people = Michael Steinmann, CEO
| num_employees = 7,300
| revenue = 12px US$1,631 million (2021)
| industry = Metals
| homepage = {{Official URL}}
}}
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;{{Cite news |url=https://www.cbc.ca/news/business/pan-american-silver-dolores-1.4680871 |title=Mexico violence hits Canadian silver miner's operations |work=CBC News |access-date=2018-11-07 }} 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.{{Cite web|url=https://www.panamericansilver.com/assets/Financial-documents/2017/131772a079/2017-Annual-Report.pdf|title=Pan American Silver - 2017 Annual Report}}
History
Pan American Silver was founded in April 1994 by Ross Beaty.{{Cite news|url=https://www.bcbusiness.ca/miner-to-missionary-the-ross-beaty-story|title=Miner to missionary: The Ross Beaty story|last=Mckenzie|first=Kevin Hinton & Ryan|work=BCBusiness|access-date=2018-11-07|language=en}} 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.{{Cite news|url=https://www.panamericansilver.com/company/history/|title=History {{!}} Pan American Silver {{!}} Corporate Site|work=Pan American Silver {{!}} Corporate Site|access-date=2018-11-07|language=en-CA}} 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.{{Cite news|url=https://www.reuters.com/article/us-minefinders-panamerican/pan-american-silver-to-buy-minefinders-for-c1-5-billion-idUSTRE80M20020120123|title=Pan American Silver to buy Minefinders for C$1.5 billion|date=2012-01-23|work=Reuters|access-date=2018-11-07|language=en-US}} In 2018, it temporarily curtailed operations at its Dolores mine in Mexico, due to violence in the area.
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."{{Cite web |title=Conflict and harm at Pan American Silver |url=https://theecologist.org/2020/mar/04/conflict-and-harm-pan-american-silver |access-date=2022-12-12 |website=theecologist.org |date=4 March 2020 |language=en}}
=Tahoe resources acquisition=
{{Further|Tahoe Resources}}
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.{{Cite news|url=https://www.reuters.com/article/us-tahoe-resources-m-a-pan-amer-silver/pan-american-silver-to-buy-tahoe-resources-for-1-1-billion-idUSKCN1NJ0ZD|title=Pan American Silver offers $1.1 billion to buy out Tahoe|last=Taylor|first=Susan|work=Reuters|access-date=2018-11-17|language=en-US}}{{Cite web|last1=Colgrove|first1=Sarah|last2=Imai|first2=Shin|title=Investors are increasingly shunning mining companies that violate human rights|url=http://theconversation.com/investors-are-increasingly-shunning-mining-companies-that-violate-human-rights-154702|access-date=2021-04-18|website=The Conversation|date=22 February 2021 |language=en}} 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. Markets reacted to the news, with Pan American's share price falling 12% whereas Tahoe's rose 50%.{{Cite web|url=https://www.fool.com/investing/2018/11/14/heres-why-tahoe-resources-soared-almost-50-today.aspx|title = Here's Why Tahoe Resources Soared Almost 50% Today|date = 14 November 2018}} As of 2025, Pan American's Escobal silver mine remains suspended amid ongoing Indigenous consultation as mandated by Guatemala's Supreme Court. The impending result could set a precedent for Indigenous rights across Latin America.{{cite news |last=Woodin |first=Hayley |date=February 26, 2024 |access-date=February 16, 2025|title=Controversial Canadian silver mine 'likely' to reopen in Guatemala despite opposition |url=https://www.biv.com/news/resources-agriculture/controversial-canadian-silver-mine-likely-to-reopen-in-guatemala-8359490 |work=Business in Vancouver}}
Operations
{{As of|2025|2|post=,}} Pan American has 12 operating mines:{{Cite web |access-date=February 17, 2025 |title=Operations - Pan American Silver Corporate Site |url=https://www.panamericansilver.com/operations/ |work=Pan American Silver Corporate Site |date=5 January 2022 }}
- Cerro Moro mine in Santa Cruz, Argentina
- La Colorada Mine in Zacatecas, Mexico, with 2017 production of 7.1 MOz of Silver
- La Colorada Skarn in Zacatecas, Mexico
- 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
- Jacobina mine in Bahia, Brazil
- Minera Florida mine in Santiago Metropolitan Region, Chile
- Navidad mine in Chubut Province, Argentina
- El Peñón mine in Antofagasta Region, Chile
- San Vincente Mine in Potosí Department, Bolivia, with 2017 production of 3.6 MOz of Silver
- Shahuindo in Department of Cajamarca, Peru
- Timmins mine in Timmins, Ontario
References
{{Reflist}}