Pan American Silver (TSX, NYSE: PAAS) has secured final regulatory approval to complete its $2.1 billion acquisition of MAG Silver (TSX, NYSE: MAG), cementing control over one of Mexico’s most productive silver assets.
The Canadian precious metals miner said Monday that the backing from Mexico’s Federal Economic Competition Commission (COFECE) will allow it to close the transaction on September 4.
The takeover hands Pan American MAG’s 44% interest in the high-grade Juanicipio mine in Zacatecas, operated by Fresnillo (LON: FRES). It also adds two early-stage projects: Deer Trail in Utah and Larder in Ontario.
Chief executive Michael Steinmann believes the acquisition of MAG brings into the company’s portfolio one of the best silver mines in the world.
“We see future growth opportunities through the significant exploration potential at Juanicipio, as well as MAG’s Deer Trail and Larder…
