Pan American Silver Corp. announced it has entered into a definitive agreement to acquire all of the outstanding shares of Tahoe Resources, creating a new midtier precious metals mining company, the two companies said. Shareholders of Tahoe will be entitled to elect to receive common shares of Pan American and/or cash in exchange for their shares of Tahoe. Additional consideration will be in the form of the right to a contingent payment in common shares of Pan American tied to the restart of the Escobal mine in Guatemala.
Tahoe Resources owns and operates the Escobal silver mine in Guatemala, the La Arena and Shahuindo gold mines in Peru, and the Timmins West and Bell Creek gold mines in Canada.
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