Archive for June, 2012

Pan American sells mine in Peru for $2 million to a Cayman Island subsidiary

Thursday, June 28th, 2012

On June 26, Pan American Silver Corp. announced that it has sold its Quiruvilca mine in Peru for USD 2 million to a subsidiary of Southern Peaks Mining. The subsidiary is a Cayman Island limited partnership with other mining assets in the South American country.

In addition to purchase price, Southern Peaks Mining has agreed to pay Pan American either a net smelter returns royalty exercisable when the price of silver, zinc and copper hit certain targets, or the price difference between USD 23 per ounce of silver and the market price on half of Quiruvilca’s future silver production. The payments will be capped at USD 3 million in any 12-month period until Quiruvilca generates USD 25 million in earnings before interest, taxes, depreciation or amoritization.

Pan American has 7 operating mines in Peru, Mexico, Argentina and Bolivia.

Cayman Islands-based Soros Fund gets approval for Brazilian telecom buy

Saturday, June 2nd, 2012

Through his Cayman Islands-based Soros Fund Management, a famous billionaire investor George Soros has received regulatory approval to enter the Brazilian telecom fray, investing in a local pay-TV company ahead of a landmark auction of broadcast frequencies.

Brazil regulator Anatel has approved plans by the Cayman Islands-based fund to take control of Sunrise Telecomunicaçoes, which offers television by subscription in Sao Paulo state

It was said earlier that Soros was interested in making a USD 500 million investment in the Brazilian company with a view to participate in an auction of broadcast spectrum in June 2012.

As to New York’s press representative of Cayman Islands-based Soros Fund Management, he declined to comment on any potential transactions in Brazil.