Canadian gold miner Yamana said it has entered into an agreement to sell three of its non-core mining assets in Brazil and Honduras to Aura Minerals.
Yamana, which has a significant stake in Aura, says it will indirectly benefit from Aura’s mining proceeds while concentrating on its six core mines.
Aura will acquire the San Andrés mine in Honduras and the Sao Francisco and Sao Vicente mines in Brazil in two parts for about $200m – about $90m in cash and about $70m in deferred cash payments - and $40m in Aura common shares.
The total transaction is expected to close by the end of 2009.
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