Pan American Silver said it has suspended all operating activities at its La Colorada mine in Mexico after reporting an armed robbery involving two trailers of concentrate.
The company said there were no physical injuries to personnel in connection with the incident.
"The mine site is currently secure, and Pan American has activated care and maintenance activities while it works with state and federal authorities regarding this incident,” the miner said in the statement.
The suspension will continue until Pan American determines it is appropriate to resume operations.
La Colorada is Pan American’s largest silver producing mine.
The mine produces silver gold doré bars from a conventional cyanide leach plant for the oxide ore, and silver rich lead and zinc concentrates from a flotation plant treating sulphide ore. It produced 5.9 million ounces of silver in 2022.
Shares of Pan American Silver fell 1.9% by 12:10 p.m. EDT. The company has a market capitalization of C$6.88 billion ($5 billion).
