AUY - Yamana Agnico Eagle to move forward with Odyssey mine construction

Joint venture partners Yamana Gold (AUY) and Agnico Eagle Mines (AEM) approve the C$1.7B construction of the Odyssey gold project at Canadian Malartic in Quebec.The underground project will extend the life Canadian Malartic - Canada’s largest operating openpit gold mine - to 2039.The mine is projected to yield an average of 545K oz/year during 2029-39 at a total cash cost of C$630/oz.Odyssey has a net present value of C$1.14B and an internal rate of return of 17.5% at a $1,550/oz. gold price, according to a technical study of the project.Even with its impressive organic growth profile, Yamana Gold is trading at below 14x estimated FY 2020 free cash flow, Taylor Dart writes in an analysis published on Seeking Alpha.

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Yamana, Agnico Eagle to move forward with Odyssey mine construction