Pan American Silver Raises Cash Dividend by 150 Percent

Pan American Silver Corp. (NASDAQ: PAAS, TSX: PAA) announced that they have increased the amount of the first  quarterly cash dividend for 2013 by 150% to $0.125 per common share.

As quoted in the press release:

The cash dividend in the amount of $0.125 per common share will be distributed on or about Monday, March 18, 2013 to holders of record of common shares as of the close of business on Monday, March 4, 2013.  Specific distribution dates and amounts of future dividends will be determined by the Company’s Board of Directors on an ongoing basis.

Pan American’s President and CEO, Geoff Burns, said:

I am extremely pleased to have our shareholders continue to participate directly in our prosperity.  This is the fourth and most significant dividend increase we have delivered since announcing our first cash dividend in February 2010.  At the current silver price, we again expect to generate solid net cash flow in 2013, and have more than the necessary cash reserves to fund organic growth opportunities at our La Colorada and Dolores mines.  In addition, we are equally able to invest in ongoing capital projects to increase the productivity of our mining operations, fund our exploration programs and to continue to repurchase shares through our Normal Course Issuer Bid.

To view the whole press release, click here.