Pan American Silver plans La Colorada mine restart after armed robbery

Pan American Silver (TSX: PAAS; NYSE: PAAS) announced Wednesday that it will restart operations at its La Colorada mine in Mexico on Oct. 16 following a shift change and the transition from care and maintenance.

Last week Pan American suspended all operating activities at La Colorada after reporting an armed robbery involving two trailers of concentrate.

The company said there were no physical injuries to personnel in connection with the Oct. 5 incident.

The temporary suspension of activities was due to security concerns at the mine site and the surrounding area following the robbery.

Pan American reported rapid response and efforts of the Zacatecas state government and federal authorities in Mexico to improve security in the vicinity of the mine, providing an environment that allows for mine operations to resume.

The Mexican authorities have taken steps to facilitate the safe transit to and from the mine site for all the employees, contractors and people from the nearby communities. Pan American said it will maintain direct communications with the Mexican authorities during the period leading up to the resumption of operations.

Pan American said it does not expect the temporary suspension of La Colorada to have a material impact to its annual consolidated production and cost guidance for 2023, or to the targeted timing of late 2023 for the release of the La Colorada Skarn preliminary economic assessment.

Company shares were up 4.8% to $19.80 apiece on Thursday morning in Toronto, valuing the company at $7.2 billion. Its shares traded in a 52-week range of $18.14 and $26.54.