Pan American Silver Says No Confirmed Cases Of COVID-19 At Any Operations

(RTTNews) - Pan American Silver Corp. (PAAS, PAAS.TO) said that there are currently no confirmed cases of COVID-19 at any of its operations.

The company noted that Mexico's Ministry of Health has issued an Executive Order for the immediate suspension of non-essential activities until April 30, 2020 in response to the COVID-19 pandemic.

Following an initiative of reducing the number of people on site to increase physical distancing, Pan American will now expand this program in order to bring its La Colorada and Dolores operations into compliance with the Executive Order.

Pan American noted that it has also begun to voluntarily reduce throughput by approximately 10% to 20% at its Timmins operation in Canada in order to further enhance physical distancing throughout the operation, offices and personnel transport systems.

Pan American said its Cash and cash equivalents at December 31, 2019 totaled $120.6 million. In addition, it has a credit facility in the amount of $500.0 million that matures on February 1, 2023.

Pan American's senior management team has voluntarily agreed to a salary reduction until the situation normalizes, including a 20% reduction for the executive management team.

The company said it is currently unable to determine the COVID-19 impact on its 2020 operating guidance and will update its guidance for 2020 as soon as it is practical.