Report

Pan American Silver - Lean, mean silver machine

Pan American Silver (PAAS) is one of the world’s largest primary silver producers, with key operations in the Americas. While the well-timed acquisition of Tahoe Resources in 2019 boosted exposure to gold, given the quality and the calibre of its key silver assets, PAAS remains predominantly a silver play. Although the COVID-19 pandemic and current geopolitical tensions have supported investment demand and driven commodity prices, in the longer term, normalising economic conditions and monetary policy signal a gradual shift to physical demand. With ongoing expansion in renewables, which could intensify due to energy security concerns, we expect solar photovoltaics (PV) and general e-mobility to become the main areas of growth for silver.
Underlying
Pan American Silver Corp.

Pan American Silver is engaged in the production and sale of silver, gold and other base metals including copper, lead and zinc as well as other related activities, including exploration, extraction, processing, refining and reclamation. Co.'s primary product (silver) is produced in Peru, Mexico, Argentina and Bolivia. Additionally, Co. has project development activities in Peru, Mexico and Argentina, and exploration activities throughout South America and Mexico.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Alison Turner

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