Pan American Silver

Latest Insights

Metals & Mining |
Flash note

02.05.24

Pan American Silver — La Arena divestment

Metals & Mining |
Update

27.02.24

Pan American Silver — FY23 results: Follow the cash flow

Metals & Mining |
Update

24.01.24

Pan American Silver — Consistent growth at higher costs

Metals & Mining |
Update

03.01.24

Pan American Silver — Adjusting valuation on Skarn

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Sector

Metals & Mining

Equity Analyst

Andrey Litvin

Energy and Resources Analyst

Harry Kilby

Analyst

Key Management

Guido Mastropietro

Director, finance
Siren Fisekci

VP, investor relations and corporate communic

Balance Sheet

Forecast net debt (US$m)

360.8

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	16.4	34.7	1.0
Relative	19.7	31.8	(17.8)
52 week high/low	US$19.6/US$12.2

Financials

Pan American Silver (PAAS) has announced a sale of the La Arena and La Arena II projects to Zijin Mining for US$245m in cash, US$50m in a contingent payment and a 1.5% NSR gold royalty. La Arena II is a copper and gold sulphide deposit that sits underneath the currently producing La Arena gold project. We view the transaction as positive for PAAS, given La Arena’s very short mine life, significant capex required to bring La Arena II into production and the fact that copper is not PAAS’s core commodity.