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AEM - Yamana Gold Sells Chapada Mine For $1 Billion
Agnico Eagle Mines Limited
Data by YCharts
Yamana Gold (AUY) caught me a bit off guard Monday when it announced it has agreed to sell its Chapada copper-gold mine in Brazil to Lundin Mining (LUNMF) for total consideration of up to $1 billion.
Under the terms of the agreement, Yamana will receive cash of $800 million at closing, and additional consideration of up to $125 million based on the price of gold, and a further $100 million payment if Lundin develops a pyrite circuit to optimize the operation. Yamana also nets a 2% NSR royalty on the