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Oct 27 (Reuters) - Yamana Gold Inc said on Tuesday it has raised $148 million in cash in three metal purchase agreements with mining finance company Sandstorm Gold Ltd , funds it will use to reduce the outstanding balance on its revolving credit facility. Under the so-called "streaming" deals, Sandstorm will pay Toronto-based Yamana an additional $4 million in six months' time. Yamana's shares rose 3 percent to C$3.26 on the Toronto Stock Exchange. The agreement is the latest in a string of streaming deals by mining companies as they try repair their balance sheets after four years of weak metals prices. In streaming transactions, mining finance companies such as Sandstorm provide miners with cash upfront in exchange for a portion of the future, usually byproduct, production from a mine. Yamana's agreement with Sandstorm includes silver, copper and gold purchase transactions on production from several of Yamana's mines and projects in South America. Yamana also said it was still working on ways to monetize its Brio subsidiary, which contains some of its non-core assets in Brazil. Alternatives include an initial public offering, reverse takeover, joint venture with private equity firms, or a sale or merger. (Reporting by Nicole Mordant in Vancouver; Editing by Jonathan Oatis)
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : YRI.TO |
ISIN : CA98462Y1007 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Yamana Gold is a gold producing company based in Canada. Yamana Gold produces gold, copper, molybdenum, silver and zinc in Argentina, in Brazil and in Chile, develops copper, gold, lead, molybdenum, silver and zinc in Argentina and in Mexico, and holds various exploration projects in Brazil. Its main assets in production are ALUMBRERA and GUALCAMAYO in Argentina, MINERA FLORIDA and EL PEÑON in Chile and FAZENDA BRASILEIRO, JACOBINA, CHAPADA MINE, SÃO VICENTE, FAZENDA NOVA and SÃO FRANCISCO in Brazil, its main assets in development are AGUA RICA in Argentina and MERCEDES in Mexico and its main exploration properties are MILLO in Peru, FERGUSSON ISLAND in Papua New Guinea, PICACHO in Mexico, CAIAMAR, PILAR, PAU A PIQUE, C1 SANTA LUZ and ERNESTO in Brazil and AMANCAYA and JERONIMO in Chile. Yamana Gold is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is 374.3 millions as of today (US$ 299.3 millions, € 274.3 millions). Its stock quote reached its highest recent level on December 06, 1996 at 98.91, and its lowest recent point on August 22, 2003 at 1.20. Yamana Gold has 47 442 200 shares outstanding. |