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Pan American Silver announces the sale of La Arena for $245 million to Zijin Mining

Kitco Media
By Michael McCrae
Published
Updated
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Pan American Silver announces the sale of La Arena for $245 million to Zijin Mining teaser image

Kitco News - Pan American Silver (NYSE: PAAS) announced today it will sell its 100% interest in La Arena S.A. , which owns the La Arena gold mine as well as the La Arena II project in Peru, to Zijin Mining Group for $245 million cash upfront and a $50 million contingent payment.

The La Arena property is located in the La Libertad province of Peru and is comprised of the La Arena gold mine and the La Arena II project. Since acquiring the mine from Tahoe Resources Inc. in 2019, Pan American said it has added 535,521 ounces of gold through exploration, and extended the mine life from 2021 to 2026.

Zijin is a top ten miner. Earlier this year it paid Solaris Resources C$130 million for a 15% stake in Solaris. 

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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