Vedanta says it has arranged $250 million to settle Zambian copper mine debts
Vedanta will still need to raise an additional $1 billion revive the mining operations at KCM.
Mexico’s antitrust authority, Cofece, has approved Pan American Silver’s (TSX, NASDAQ: PAAS) acquisition of all issued and outstanding common shares of Yamana Gold (TSX: YRI; LON, NYSE: AUY), which has gold, silver and copper assets in Latin America.
Pan American and Agnico Eagle Mines (TSX, NYSE: AEM) trumped in November Gold Fields’ (JSE, NYSE: GFI) bid for Yamana with a joint $4.8 billion bid.
The two companies agreed to divide up the target miners assets with Agnico Eagle consolidating full ownership of the Canadian Malartic mine, one of North America’s biggest gold operations. Pan American is keeping Yamana’s Latin American assets.
With the deal, the Vancouver, Canada-based precious metals miner increases its portfolio to 12 mining operations in Latin America, including Cerro Moro gold silver mine and the Mara copper project in Argentina; El Peñón gold-silver operation and Minera Florida gold mine in Chile; and the Jacobina gold complex in northeastern Brazil.
It will also increase its annual silver production by 50% to about 30 million ounces and double total gold output to 1.2 million ounces.
“All required regulatory, shareholder and court approvals, including the final court order, have now been received and the arrangement is anticipated to be completed on or about March 31, 2023,” Pan American Silver said in the statement.
The company noted it was handing a cash dividend of $0.10 per common share, payable on May 12, to its shareholders.
