Information for Investors2021-02-08T20:28:08+00:00

Information for Investors

On January 8, 2019, shareholders for Pan American Silver (TSX: PAAS; NASDAQ: PAAS) voted to acquire Tahoe Resources (TSX: THO; NYSE: TAHO) and with it, the company’s portfolio of assets in Peru, Guatemala, and Canada. Since 2013, when the violence and militarization at the Escobal project escalated, Tahoe Resources has faced a series of security commission complaints, high-profile divestments, and shareholder lawsuits as shareholder confidence in the company was shaken. Pan American Silver’s acquisition of Escobal does not resolve the underlying issues fueling the peaceful opposition.

Before acquiring Tahoe Resources, Pan American Silver faced local opposition and conflict over environmental harms elsewhere that it operates. Notably, ten years before buying Escobal, Pan American purchased the unwanted Navidad silver project in Chubut, Argentina where the local resistance succeeded in prohibiting mining since 2003. Local environmental coalitions denounce that the company has tried to pressure local, provincial and national authorities to enable mining to go ahead. For more information, see Environmental Justice Atlas’ profile on the company, documenting abuse at 8 mine sites across Latin America.

SEC complaint filed against Pan American Silver

Just before Pan American Silver’s acquisition of Tahoe Resources, the Justice and Corporate Accountability Project (JCAP), Earthworks and the Guatemala-Maritimes Breaking the Silence Network filed a complaint with the British Columbia Security Commission and the US Securities and Exchange Commission, asking for an investigation into allegations that both companies have misled shareholders on the health and viability of the Escobal mine in advance of the acquisition.

> Read more about the complaint

Tahoe Resources’ legacy

Since 2013, organizations allied with communities affected by the Escobal mine issued Investor Alerts, warning of serious conflict around the mine and denouncing Tahoe’s lack of transparency.
In 2014, Norway’s Government Pension Fund-Global, the largest sovereign wealth fund in the world, divested from Tahoe.

Tahoe Resources incorporated in British Columbia in 2009 with its head office in Reno, Nevada. It eventually listed on the Toronto, New York, and Lima Stock Exchanges. Multiple complaints were filed against the company with both the British Columbia Securities Commission and the US Securities Exchange Commission.

Following the first court order suspending the Escobal mine in July 2017, three separate shareholder class action lawsuits were filed against Tahoe Resources, which were later consolidated into one claim that is proceeding in Nevada. The lawsuit alleges that Tahoe executives “
made false and/or misleading statements and/or failed to disclose that: (1) consultation obligations relating to the permitting of the Escobal mining license were not met; (2) in turn, the Escobal mining license is subject to suspension; and (3) as a result, Tahoe’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.” 

> Read more on the lawsuit

Messages for Pan American Silver from impacted communities.

Latest information for investors

1808, 2021

Activists Call for Protection of Xinka Leaders Participating in Escobal Mine Consultation

August 18th, 2021|Categories: Press Releases, Uncategorized|Tags: , , , , , , |

Violence and intimidation have long plagued Pan American Silver’s Guatemala silver mine Today six U.S. and Canadian human rights and environmental organizations filed a letter with the Inter-American Commission on

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