Pan American Silver (PAAS) said late Tuesday that it has obtained Canadian government approval for the sale of its 100% stake in La Arena to Zijin Mining unit Jinteng (Singapore) Mining.
La Arena owns the La Arena gold mine and the La Arena II project in Peru, Pan American said.
The approval is subject to Pan American and Zijin signing an offtake agreement related to the La Arena II project, which will allow Pan American to get 60% of the future copper concentrate supply from that project for sale in North American markets, Pan American said.
Zijin will pay $245 million in cash and will give Pan American a life-of-mine gold net smelter return royalty of 1.5% for the La Arena II project, Pan American said. Also, when commercial production from La Arena II starts, the agreement provides for a contingent payment from Zijin of $50 million.
The deal has all of the required regulatory approvals and is expected to close by the end of Q4, Pan American said.
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