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Pan American Silver Corp. has successfully completed the acquisition of all common shares of Yamana Gold Inc. This move follows Yamana's sale of Canadian assets to Agnico Eagle Mines Limited. The acquisition significantly enhances Pan American's operational scale in Latin America, increasing production capacity for silver and gold. Pan American gains four producing mines and a development project from this deal. Post-acquisition, existing Pan American shareholders hold approximately 58% of the company. Furthermore, Pan American has amended its credit facility, raising it to $750 million, to support this acquisition.
Pan American Silver Corp. and Yamana Gold Inc. have announced updates regarding Pan American's acquisition of Yamana. The Mexican Federal Economic Competition Commission approved the acquisition following Yamana's sale of its Canadian assets to Agnico Eagle Mines. All necessary approvals have been secured, and the acquisition is expected to close on or about March 31, 2023.
Additionally, Pan American declared a cash dividend of $0.10 per share, payable on May 12, 2023. The record date for this dividend is April 14, 2023, aligning with Yamana's dividend schedule.
Real Matters Inc. has appointed Rodrigo Pinto as its new Chief Financial Officer, effective April 10, 2023. He succeeds William (Bill) Herman, who is leaving to pursue other opportunities but will assist in the transition until May 5, 2023. Pinto brings over 20 years of experience in finance, previously at Royal Lepage Real Estate Services and other notable companies. CEO Brian Lang expressed confidence in Pinto's leadership skills, emphasizing his fit for the role. Hermans’s tenure included critical contributions during the company’s IPO and navigating various market cycles.
Yamana Gold Inc. (TSX:YRI; NYSE:AUY) announced that shareholders overwhelmingly approved the acquisition by Pan American Silver Corp. during a special meeting held on January 31, 2023. Approximately 98.87% of votes supported the Arrangement Resolution, with a turnout of 61.59%. The acquisition involves the sale of Yamana's Canadian assets to Agnico Eagle Mines Limited, paving the way for a value-enhancing opportunity for shareholders. The transaction is expected to close in Q1 2023, subject to regulatory approvals. Yamana aims to strengthen its position in the precious metals sector with this strategic move.
Yamana Gold Inc. reported fourth quarter production of 264,891 gold equivalent ounces (GEO) and a full year total of 1,005,770 GEO, surpassing its guidance of 1,000,000 GEO. The all-in sustaining costs are expected to be below $1,125 per GEO. The company announced strong operational results despite inflationary pressures and a high gold-to-silver ratio. Exploration efforts in 2022 showed promise with significant increases in mineral reserves. Shareholders are reminded of a special meeting on January 31, 2023, to vote on a proposed acquisition by Pan American Silver Corp.
Yamana Gold Inc. has filed the management information circular for its special shareholders meeting on January 31, 2023. The meeting aims to seek approval for the acquisition of all shares by Pan American Silver Corp. and the sale of its Canadian assets, including interests in the Canadian Malartic mine to Agnico Eagle Mines Limited. Shareholders of record as of December 14, 2022, are eligible to vote. The meeting will be held at 1:00 p.m. (Toronto time) and online. The Information Circular is available on the company's website and through public filings.
Yamana Gold Inc. (NYSE: AUY) announced promising exploration drilling results across its assets, including Canadian Malartic, Wasamac, and Jacobina, enhancing mineral reserves and resources. October saw production of 88,739 gold equivalent ounces, with gold near a monthly high at 79,472 ounces. Noteworthy increases include a 14% rise in Wasamac's gold reserves and successful conversion of inferred resources to indicated at East Gouldie. The company aims to expand production capacity significantly in coming years, projecting a production ramp-up to 270,000 ounces per year at Jacobina.
Yamana Gold has announced the effectiveness of the arrangement agreement with Agnico Eagle Mines and Pan American Silver, following the termination of its prior agreement with Gold Fields. This decision will lead to the cancellation of the scheduled shareholder meeting on November 21, 2022, and a termination fee of US$300 million will be paid to Gold Fields, with Pan American contributing US$150 million of that amount. The company remains focused on expanding its gold and silver production across the Americas.
Yamana Gold has announced an arrangement agreement with Agnico Eagle Mines and Pan American Silver for Pan American to acquire all common shares of Yamana. The agreement includes the sale of Yamana's Canadian assets to Agnico. The Board of Directors has advised shareholders to vote against a previous transaction with Gold Fields, now deemed less favorable. The Yamana Meeting to discuss this is scheduled for November 21, 2022. Financial advisors for the special committee and Yamana have been appointed to facilitate this process.
