Gold

Yamana Gold (TSX:YRI,NYSE:AUY) said Wednesday that it will form a new subsidiary, Brio Gold Inc., that will hold its non-core Brazilian assets including Fazenda Brasileiro, Pilar and C1 Santa Luz as well as some related exploration concessions. The new subsidiary will be led by Gil Clausen beginning in 2015.

Yamana Gold (TSX:YRI,NYSE:AUY) said Wednesday that it will form a new subsidiary, Brio Gold Inc., that will hold its non-core Brazilian assets including Fazenda Brasileiro, Pilar and C1 Santa Luz as well as some related exploration concessions. The new subsidiary will be led by Gil Clausen beginning in 2015.

As quoted in the press release:

The Company has made significant progress in separating its core and non-core portfolios and, in the case of the latter, improving the prospects for certain previously underperforming assets that have yet to reach their potential, notably Pilar and C1 Santa Luz. To this end, the Company is advanced in the process of structuring its intercorporate holdings to form a new subsidiary company, Brio Gold Inc. (“Brio Gold”) that will hold Fazenda Brasileiro, Pilar and C1 Santa Luz as well as some related exploration concessions, all of which are currently held as non-core assets within Yamana.

Yamana Chairman and CEO, Peter Marrone, said:

Our focus remains on our core portfolio of assets. These cornerstone assets are our best contributors to cash flow, hold most of our production and best costs, and have significant upside and potential. However, we have the potential to unlock additional value through the advancement of ongoing strategic initiatives in our secondary portfolio holding of our non-core assets.

We have advanced plans to corporately segregate a number of our more modest Brazilian assets and we will now take a longer term and disciplined approach to looking at strategic alternatives designed to maximize their potential and longer term value creation. In addition, at Agua Rica, we are continuing to demonstrate its impressive potential and significant mineral wealth in a mining friendly jurisdiction as we continue to explore various ways to realize the value this project represents.

Click here to read the Yamana Gold (TSX:YRI,NYSE:AUY) press release

Featured

MARKETS

Markets
TSX20692.22-69.78
TSXV791.68-22.75
DOW33061.50+84.29
S&P 5004155.38+23.45
NASD12536.02+201.38
ASX7347.00-88.00

COMMODITIES

Commodities
Gold1862.36-0.92
Silver22.62-0.01
Copper4.33+0.06
Palladium2244.50+42.50
Platinum941.00+4.00
Oil104.89-0.28
Heating Oil4.21+0.01
Natural Gas7.70+0.23

DOWNLOAD FREE REPORTS

×