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Tuesday, June 15, 2010

Pan American Silver (NASDAQ:PAAS) Finalizes "Minera Chinalco" Rights

Pan American Silver (NASDAQ:PAAS) (TSE:PAA) announced they've come to an agreement concerning the Morococha mine project in Peru in relationship to surface rights over the long haul, with Minera Chinalco Peru.

The deal will involve Pan American relocating its core facilities now at Morococha and transferring some access rights and mineral concessions to Minera Chinalco over a five-year period.

Pan American will be paid approximately $40 million against the costs of relocation on a periodic basis.

The Silver miner will also receive mineral concessions outside the planned Toromocho pit area of Minera Chinalco, which includes veins of high-grade silver.

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