Pan American Silver Corp. (PAAS, PAA.TO) announced that its board has increased first quarter cash dividend by 150% to $0.125 per common share, representing dividends of $0.50 per share on an annual basis assuming the board approves future quarterly dividends in this amount. The cash dividend will be distributed on or about March 18 to holders of record on March 4.
Geoff Burns, President & CEO, commented on the dividend increase; " 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."
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