Microsoft Chairman Bill Gates has become an insider of Pan American Silver after investing US$16 million in the Vancouver-based firm, giving him a 10.3% stake.
According to papers filed with the U.S. Securities and Exchange Commission, Cascade Investment, owned by Gates, holds 3.1 million shares of the silver miner, which is seeking to reopen the Dukat silver mine in Russia. The project is being touted as one of the world’s lowest-cost producers of the white metal.
Cascade Investment, which also owns positions in oil and bio-technology firms, bought into Pan American in February and has since been increasing its stake.
Gates’s investment is currently worth US$21 million, boosted by robust silver prices and a string of financing victories for the company in the past year.
Operation at the Dukat mine is scheduled to begin next year.
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