Vancouver-headquartered Pan American Silver has established itself as the world’s largest publicly traded silver mining company by free float, following the completion of the acquisition of TSX- and NYSE-listed Tahhoe Resources.
Pan American announced on Friday that it had completed the $1.07-billion transaction and that the shares of Nevada-based Tahoe would be delisted from the TSX on February 26, and from the NYSE on March 4.
"The completion of the Arrangement establishes the world's premier silver mining company with an industry-leading portfolio of assets, a robust growth profile and attractive operating margins,” president and CEO Michael Steinmann commented in a statement .
He added that Pan American had a 25-year track record in Latin America of building successful partnerships with the communities around its operations and committed to work with communities around its newly acquired assets.
Through the acquisition, Pan American acquired the Escobal mine, in Guatemala, where Tahoe had a strained relationship with communities. Guatemala's Supreme Court suspended Tahoe's licence to operate Escobal in 2017, ruling for an anti-mining organisation that accused the country's Ministry of Energy and Mines of failing to properly consult surrounding Xinca indigenous communities about the project.