Pan American Silver Corp
PAAS
Materials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Pan American Silver Corp is a mining company whose primary business activity is the extraction of silver and gold. It operates mines across Mexico, Peru, Canada, Bolivia, and Argentina, producing more than 26 million ounces of silver annually from proved and probable reserves exceeding 317 million ounces. The company's stated vision is to be the premier silver producer, indicating its core focus on mineral extraction.
Evidence gathered from the company's public materials describes its operations but does not provide specific details regarding the environmental or community impacts of its mining activities. Further research into documented environmental damage, water resource impacts, or community harm related to its specific mine sites would be required to complete a detailed narrative for this exclusion.
Pan American Silver Corp operates large-scale open-pit silver and gold mines across Latin America, a method of extraction associated with significant environmental disturbance. The company's flagship Escobal silver mine in Guatemala, one of the world's largest, has been a focal point for environmental and social conflict. Operations were suspended in 2017 following a court ruling that the Guatemalan government failed to consult the Indigenous Xinka people prior to granting the license, a process required under domestic and international law.
The company's La Colorada mine in Mexico has faced repeated environmental incidents. In 2023, a significant tailings leak at the site contaminated local waterways, leading to community protests and demands for remediation. Furthermore, the proposed expansion of the Navidad silver project in Argentina involves plans for a large open-pit operation in the Chubut province, a region with a law prohibiting open-pit mining and cyanide use due to water contamination risks, placing the project in direct conflict with local environmental protections.
Research Sources
6 organizations
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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