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Silver operations suspended after fatality

Pan American Silver (Nasdaq, TSX: PAAS) has suspended operations in Argentina after a fatal accident.
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Pan American Silver’s Manantial Espejo operations in Argentina

Staff reporter

The company said it had suspended its Manantial Espejo, COSE and Joaquin mines in Santa Cruz after an employee died due to a ground fall, underground at COSE.

"We are deeply saddened by this tragic accident and extend our thoughts and sympathies to the employee's family and co-workers," president and CEO Michael Steinmann said.

The operations will be restarted in coordination with the authorities and union following a safety assessment, Pan American said.

The combined Manantial Espejo/COSE/Joaquin operation produced 524,000 ounces of silver and 4,900oz of gold in the March quarter.

Steinmann said last month the company was planning to commence production from COSE and Joaquin in the second half of 2019.

Pan American wrapped up its acquisition of Tahoe Resources in February and has a portfolio of silver and gold mines in Mexico, Peru, Argentina, Canada and Bolivia, plus the Escobal mine in Guatemala which is suspended pending a consultation process and court approval.

Shares in the company, which has a market capitalisation of about US$2.5 billion, closed up 1.3% yesterday in the US but are down 19.3% year-to-date.