Tahoe Resources is being purchased by Pan American Silver Corp for just over $1 billion.
The merger, according to a news release from both companies, will create the world’s largest silver reserve and resource base as well as the largest publicly traded silver mining company.
Tahoe Resources currently operates the Timmins West and Bell Creek gold mines and the Bell Creek Mill.
Pan American meanwhile are based out of Vancouver, and currently operate silver mines in Peru, Mexico, Bolivia and Argentina.
Tahoe Resources says shareholders will be entitled to receive common shares of Pan American, or cash in exchange for their shares, or lastly payment in common shares.
Executive Chair of Tahoe Kevin McArthur says this merger will allow their shareholders to be a part of the creation of the world’s premier silver company.
McArthur also says that Pan American have a strong history of developing mines and having mutually beneficial relationships with stakeholders, meaning there is confidence that through this merger their shareholders will be in the best position to gain.
Special shareholder meetings will be held between the companies in January of 2019, and the overall agreement is expected to be finalized in the first quarter of next year.