Pan American to buy Minefinders
- Publishing Date
- 23 Jan 2012 2:52pm GMT
- Author
- Mining Journal
Pan American Silver Corp has announced an agreement to purchase all of Minefinders Corporation Ltd, which operates the Dolores gold-silver mine in northern Mexico.
Pan American said the deal, which offered stock and cash for Minefinders shares, valued the company at C$15.60/share (US$15.40), for a total transaction value of C$1.5 billion. Present Minefinders shareholders would own 33% of Pan American once the exchange is completed.
Pan American presently operates seven mines in Central and South America, and produced approximately 24.3Moz of silver in 2010.
The new acquisition will give the company access to the Dolores mine, containing proven and probable reserves of approximately 2Moz gold and 114.5Moz silver. With a market capitalisation of approximately US$4 billion, the combined company would rank among the largest silver producers worldwide.
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