Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Pan American Silver (NASDAQ: PAAS, TSX: PAAS) announced on Monday that it is temporarily suspending its operations in Argentina, including the Manantial Espejo mine, in order to comply with a mandatory national quarantine in response to Covid-19.
The company is also suspending supply deliveries and personnel transport at its San Vicente operations in Bolivia
The company is also suspending supply deliveries and personnel transport at its San Vicente operations in Bolivia to comply with a mandatory national quarantine.
Operations in Peru were also suspended last week.
“Pan American will conduct care and maintenance activities, as necessary, at both operations during the suspension to sustain the appropriate safety and environmental systems, and to ensure operational readiness when the suspensions are lifted,” Pan American said in a release.
“As the situation regarding the pandemic is dynamic, Pan American is currently unable to determine the impact on its 2020 operating guidance,” the miner said.
Pan American Silver is the world’s second-largest primary silver producer. The Manantial Espejo mine produced 2.6 moz of silver in 2019.
