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Non-profit firms question Pan American Silver's US$1.07B takeover of Tahoe

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Non-profit firms question Pan American Silver's US$1.07B takeover of Tahoe

Three non-profit firms filed complaints with the British Columbia Securities Commission against Pan American Silver Corp. and Tahoe Resources Inc. for allegedly concealing risks related to the latter's flagship Escobal silver mine in Guatemala, Financial Post reported Jan. 3.

According to the report, the complainants – which included Breaking the Silence Network, Earthworks, and MiningWatch Canada – argued that the miners are overly optimistic in their timeline for reopening the troubled mine, while failing to disclose all conflicts with the community surrounding the operation.

Employees of the complainants were either sent to Guatemala or were living in the South American country, and hence understood the state of affairs on the ground, the report added.

The move comes days before Pan American shareholders vote Jan. 8 on its proposed US$1.07 billion takeover of Tahoe, where Tahoe shareholders may elect to receive US$3.40 in cash or 0.2403 of a Pan American share for every Tahoe share held.

Tahoe declared force majeure at Escobal in July 2017 after the Supreme Court of Guatemala suspended the mining licenses.