Yamana will receive consideration in the form of cash and equity securities, the value of which was $140 million at the time of negotiations.
Yamana Gold Mining News
Gold miners to keep cutting cost, team up amid unusual market conditions that will continue boosting deals, says BMI Research.
The miner said current market conditions are not supportive of a private placement on terms the company would find acceptable.
The sale would be one of the largest of a U.S. gold mine since the price of the precious metal began falling in 2013.
The company's stock is being ripped apart on both, the New York and the Toronto Stock Exchanges as a result.
Yamana Gold (NYSE:AUY, TSX:YRI) will start construction of its Cerro Moro gold-silver project in the southern Argentine province of Santa Cruz, the Toronto-based gold producer announced last week.
Proceeds will be used for debt reduction and "general corporate purposes."
Latin America-focused explorer Samco Gold on Friday announced that it would receive $88.4-million under a participation-and-option agreement, after an Argentinean court-appointed expert arbitrator had quantified damages in the matter between one of Samco’s directors and Northern Orion Resources (GNOR), now named 0805346 BC and owned by Yamana Gold.
The deals that were and those that failed. Here is MINING.com’s shortlist.
The miner became the latest company to spin off non-core, underperforming assets.
Agreement with the government of Catamarca ensures a smooth permitting process for the miner’s 6.5 million ounce Agua Rica Gold project.
Yamana Gold achieves record quarterly production in Q3 of over 390,000 ounces.
Move signifies departure for Vancouver-based miner.
In 2010 at the World Economic Forum, legendary investor George Soros called gold “the ultimate asset bubble.” He failed to mention, however, that his hedge fund had just doubled the size of its position in the yellow metal.
Company seeks smaller deals in Latin America after biggest in its history.
Goldcorp's sweetened offer is straightforward, requires no formal shareholder approval and could be completed by as early as end-April.
Yamana's takes 50% for $930 million and Canada pension plan provides $550 million funding to stave of Goldcorp's hostile bid.
Despite quarterly loss of $584m, the $8.5 billion share is up 23.5% year to date and enjoys a higher valuation than gold miners producing millions of ounces more per year.
The world's number one gold miner led a sell-off on Thursday after announcing a stock sale to pay down debt at a deep discount.
The Toronto-based company is conservative when it assesses projects and assets.
World's number one producer is upgraded for "reasonably strong" operating results despite falling gold price.
The sector takes a battering on Tuesday led by 6.7% decline for Goldcorp, world's most valuable gold miner.
The precious metal producer posted higher quarterly profit and revenue compared with a year ago and said it expects to see at least a 20% increase in output for 2013.
Canadian miner Yamana Gold Inc. (TSX:YRI) (NYSE: AUY) is refusing to give up on its plans to re-open the old “Agua de la Falda” gold mine in Chile’s northern Atacama region, a particularly sensitive area in terms of energy costs.
Canadian Yamana Gold Inc. (TSX:YRI) (NYSE:AUY)(LSE:YAU) announced a $400 million acquisition Monday of Argentina-focused junior miner Extorre Gold Mines (AMEX:XG) (TSX:XG), which has an appealing gold-silver project in the South American country, while also saying it plans to boost its dividend by 18%.