Pan American Silver (PAAS) Rises Following MAG Acquisition

Pan American Silver Corp. (NYSE:PAAS) is one of the 11 Best Gold Stocks to Buy According to Hedge Funds. On September 4, Pan American Silver Corp. (NYSE:PAAS) announced that it completed its acquisition of MAG Silver Corp.

This acquisition gives Pan American Silver Corp. (NYSE:PAAS) a 44% joint venture interest in the Juanicipio silver mine in Zacatecas, Mexico. This large-scale and high-grade mine is operated by Fresnillo plc. The company sees this as a valuable addition to its portfolio, which will contribute strongly to the company’s silver production, reserves, and cash flow.

Pan American Silver (PAAS) Rises Following MAG Acquisition

The deal also gives Pan American Silver Corp. (NYSE:PAAS) 100% ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail exploration project. This transaction strengthens the company’s position as a leading producer of silver and also improves long-term exploration potential.

Since reporting this news on September 4, Pan American Silver Corp. (NYSE:PAAS) has gained 14.65% as of October 10.

Pan American Silver Corp. (NYSE:PAAS) operates mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina. The company is a leading producer of silver and gold in the Americas.

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Disclosure: None. This article is originally published at Insider Monkey.