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.

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.