Pan American Silver sells bundle of assets for $593 million
Pan American Silver said today it is selling its interest in the MARA project in Argentina, the Morococha mine in Peru, and the Agua de la Falda project in Chile for total consideration of $593 million.
The biggest transaction out of the three was the Mara sale for $475 million. Pan American sold its 56% interest to Glencore. The company said that the sale will help shore up Pan American's balance sheet after the Yamana deal. “The sale of these non-core assets is aligned with our stated aim of optimizing our portfolio following the Yamana acquisition. These transactions not only reaffirm our commitment to our core business but also yield substantial and immediate value to our shareholders, while maintaining future upside through the retention of copper and gold royalties with strong counterparties,” said Michael Steinmann, President and Chief Executive Officer of Pan American.
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