- Despite Argentina's continuing economic struggles (I, II, III) and the possibility of a technical default on the country's loans after its recent loss in a U.S. Supreme Court case, CIBC analyst Arnold Van Graan sees positive change coming for Pan American Silver (PAAS +5.9%), which operates the Manantial Espejo mine and the more significant Navidad project that has been stalled since 2012.
- Van Graan points to recent deals such as Argentina approving $5B in compensation to Repsol for the YPF expropriation and a restructuring deal for $10B in Paris Club debt as evidence of improving trust among international investors.
- Both on the improved outlook, CIBC believes PAAS should be in a position to disclose to the market some revised operating parameters for the Navidad project that should still acknowledge the risk of operating in Argentina by aiming at a higher grade, lower capex option.
From other sites
at CNBC.com (Jul 12, 2013)
at CNBC.com (Oct 4, 2012)
at CNBC.com (Sep 27, 2012)
at CNBC.com (Sep 18, 2012)
at CNBC.com (May 10, 2012)
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