Pan American Silver Announces Suspension of Huaron and Morococha Operations in Peru

Rhea-AI Summary

Pan American Silver Corp. (NASDAQ: PAAS) has announced the suspension of operations at its Huaron and Morococha mines in Peru due to COVID-19 concerns after several workers tested positive. The company will place these sites under care and maintenance with a reduced workforce, following comprehensive health protocols. Normal operations will resume only when it is deemed safe. Pan American, the second largest primary silver producer globally, maintains a strong presence in Latin America, with a diversified portfolio of assets.

Positive

• Comprehensive COVID-19 health and safety protocols in place.
• The company has a strong operational history and reputation.

Negative

• Suspension of operations at Huaron and Morococha mines.
• Potential impacts on revenue due to operational delays.

VANCOUVER, BC, July 20, 2020 /PRNewswire/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American") announced today that it is moving its Huaron and Morococha operations in Peru into care and maintenance in response to several workers at the mines recently testing positive for COVID-19. Testing and tracing of the COVID-19 virus are part of the comprehensive protocols Pan American has implemented across all of its operations in response to COVID-19. Reduced workforces will conduct care and maintenance activities at Huaron and Morococha until it is determined that normal operations can safely resume. 

Further information on the health and safety protocols implemented by Pan American in response to COVID-19 is available at: panamericansilver.com

About Pan American Silver
Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine in Guatemala that is currently not operating. As the world's second largest primary silver producer with the largest silver reserve base globally, we provide enhanced exposure to silver in addition to a diversified portfolio of gold producing assets. Pan American has a 26-year history of operating in Latin America, earning an industry-leading reputation for corporate social responsibility, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".

Learn more at panamericansilver.com.

View original content:http://www.prnewswire.com/news-releases/pan-american-silver-announces-suspension-of-huaron-and-morococha-operations-in-peru-301095912.html

SOURCE Pan American Silver Corp.

FAQ

What triggered the suspension of PAAS operations in Peru?

Operations at PAAS's Huaron and Morococha mines were suspended due to several workers testing positive for COVID-19.

When did Pan American Silver announce the suspension of its operations?

The suspension was announced on July 20, 2020.

What is the stock symbol for Pan American Silver?

The stock symbol for Pan American Silver is PAAS.

How is Pan American Silver responding to COVID-19?

Pan American Silver has implemented comprehensive testing and tracing protocols across all operations.

What is the potential impact of the suspension on PAAS stock?

The suspension of operations may affect PAAS's revenue and stock performance due to operational delays.