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Nov 10, 2019

   

Industry News

Timmins gold assets no longer for sale by Pan American

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Ore truck heading to the Timmins West mine complex owned by Pan American Silver. LEN GILLIS / SMSJ 2019

The plan to sell off the Bell Creek and Timmins West gold mining operations has been pulled off the table.

Pan American Silver, which owns the gold properties formerly known as Tahoe Resources in Timmins, had described the properties as “held for sale” in its previous quarterly report.

Both properties, which were part of Tahoe Resources (originally Lake Shore Gold) were sold to Vancouver-based Pan American Silver earlier this year in a US$1.07 billion cash and stock deal. Company officials said at the time that the gold properties were not deemed to be part of the core assets for Pan American, which is known as one of the world’s largest silver mining companies.

In revealing its third-quarter financial results and discussing the gold assets during an investor’s conference call on Nov. 7, it was revealed that the Timmins properties are no longer on the selling block.

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