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said on Wednesday it has agreed to sell its 100% interest in La Arena S.A, which owns the La Arena property in Peru, to Jinteng Mining Pte. in Singapore, a subsidiary of Zijin Mining Group for $245 million cash upfront and a $50 million contingent payment. The transaction is expected to close in Q3 2024.
Under the terms of the deal, Zijin will grant Pan American a life-of-mine gold net smelter return royalty of 1.5% for the La Arena II project. “Proceeds from the transaction will further strengthen our financial position and allow us to deliver on our capital allocation priorities of investing in high-quality assets, debt reduction and returning capital to our shareholders.”
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