Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Pan American Silver (TSX: PAAS) has announced that operations have resumed at its Dolores and La Colorada mines in Mexico, following the restart of its Shahuindo, La Arena, San Vicente and Manantial Espejo operations, initiated in May.
The mines are initially operating at reduced capacities to accommodate new protocols in response to covid-19, Pan American said.
Pan American is also currently awaiting regulatory authorization to resume the Huaron and Morococha operations in Peru.
Pan American is currently awaiting regulatory authorization to resume operations in Peru
The world’s second-largest primary silver producer had suspended normal operations at its mines in Mexico, Peru, Argentina and Bolivia in March to comply with mandatory national quarantine measures.
The Timmins West and Bell Creek mines in Canada have continued to operate at 90% capacity.
“We are proceeding with a careful approach to restarting operations, as we work towards restoring full production levels at our operations while protecting the health and safety of our people,” CEO Michael Steinmann said.
Pan American withdrew its 2020 operating guidance on March 12, 2020, given the uncertainties related to the pandemic.
Midday Tuesday, Pan American’s stock was down 6% on the TSX. The company has a C$8.1 billion market capitalization.
