Peru’s Congress removes energy and mines minister amid sector protests
Romulo Mucho was removed from his post on Tuesday amid protests from small-scale miners in the Andean nation.
Pan American Silver (NASDAQ: PAAS, TSX: PAAS) announced on Wednesday that production has resumed at its Huaron and Morococha operations in Peru.
Over the past couple of weeks, Pan American has been gradually redeploying its workforce following implementation of intensive health screenings and testing for covid-19, the company said in a press release.
“The expected annual production, cash costs and all-in sustaining costs per ounce sold (“AISC”) in 2020 for the Huaron and Morococha operations are in line with the revised guidance provided on August 5,” Pan American said.
The Huaron mine in Pasco produced 3.8 million ounces of silver in 2019, while the Morococha mine produced 2.5 million ounces.
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 quarantines imposed in response to the pandemic.
Pan American withdrew its 2020 operating guidance in March, given the uncertainties related to covid-19.
Midday Wednesday, Pan American’s stock was down 1% on the TSX. The company has a C$9 billion market capitalization.
