...On July 31, 2023, Pan American Silver Corp. (Baa3 stable, "Pan American") announced that it had entered into agreements to divest certain non-core assets, including the sale of its interest in the MARA project in Argentina, the Morococha mine in Peru and the Agua de la Falda project in Chile for total cash proceeds of $593 million. The transactions are credit positive because they bolster the company's liquidity as Pan American plans to use the proceeds to fully repay its credit facility ($325 million drawn at Q1/23) with the remainder going to cash. It also allows the company to reduce its annual project development, reclamation and care and maintenance costs, which for MARA and Morococha amounted to $15.7 million in the second quarter of 2023 (~$60 million annualized). In addition, the transactions provide Pan American with increased liquidity to fund growth projects, including the La Colorada Skarn Project in Mexico, and is in line with the company's plan to optimize the portfolio following...