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Canadian miner sells Argentinian gold project
Canadian miner Yamana Gold has announced the sale of its 100% stake in the Gualcamayo mine in Argentina’s San Juan Province to Mineros S.A.
Under the agreement, Yamana will obtain $30 million in cash, payable at closing, a further $30 million in cash upon the declaration of commercial production of the Deep Carbonates project, a 2% net smelter return royalty at the Argentinian mine on metal produced after the initial 396,000 oz, capped at $50 million, and an uncapped 1.5% NSR on the Deep Carbonates project, the miner said in a statement.
In a separate deal, Yamana "has agreed to grant Mineros an option to acquire up to a 51% interest in the La Pepa project, located in the Maricunga gold belt, Chile, over an earn in period of four years (subject to extension for certain unexpected contingencies), and then the remaining 49% interest pursuant to a call option (the Option Agreement)," the statement said.