Pan American Silver (TSX:PAAS, Financial), a Canadian silver miner with operations concentrated in Latin America, is the world’s second largest primary silver producer. These contingent value rights were part of the consideration paid by Pan American to Tahoe Resources shareholders upon acquiring that company in 2019. The value of the rights increased significantly during the quarter alongside the price of silver; as our ownership of these securities represents only a small percentage of the portfolio, their contribution to perfor-mance was relatively minor.
From First Eagle Investment (Trades, Portfolio)'s Gold Fund second-quarter 2020 commentary.
