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Pan American wins shareholder OK for Tahoe Resources takeover

Author: Ernest Scheyder & Nichola Saminather, Reuters, Published on: 9 January 2019

Pan American Silver Corp’s... offer to buy rival Tahoe Resources Inc... was approved by shareholders of both companies... putting responsibility for Guatemala’s troubled Escobal mine in the hands of a new owner. Pan American believes it can eventually re-open Escobal, the world’s second-largest silver mine, succeeding where Tahoe has so far failed. The mine has been shuttered since 2017 amid a long-simmering feud with the Xinca indigenous population. Vancouver-based Pan American plans to meet frequently with local communities in Guatemala to understand their concerns about the mine and try to find common ground, Chief Executive Michael Steinmann said in an interview. “This will take a lot of listening and discussions with the communities to make sure that we understand their needs,” Steinmann said. “We’re very early in this process. There’s absolutely no rush.”... [T[he Xinca, a farming community of about 400,000, strongly oppose the mine due to worries it will harm their homeland and water.

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