Loading ...Takeover rumours are swirling about a proposed buyout of Paramount Gold (TSX:PZG) by the United States’ largest silver producer.
According to a Dec. 1 report by Reuters, Coeur Mining (NYSE:CDE) is in advanced negotiations to acquire the New York and Toronto-listed precious metals explorer, which is advancing the San Miguel property in Chihuahua state, Mexico. The property consists of 40 concessions and 350,000 acres around Coeur’s Palmarejo silver-gold mine, which in 2013 produced 7.6 million ounces of silver and 116,536 ounces of gold, according to a project page on Coeur’s website.
Citing people familiar with the matter, Reuters says as part of the deal, Paramount would spin off its non-Mexican assets into a standalone company. Coeur would have a 4.9 percent stake in the new company.
The sources also told Reuters the deal “would enable Palmarejo to continue as one of the largest and highest grade silver and gold mines in the world for at least another seven years.”
more http://www.mining.com/coeur-mining-rumoured-to-take-over-paramount-gold-28135/