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11/26/17

Yamana Gold (AUY) (YRI.to) wants to sell Gualcamayo

Marrone has come up with a cunning plan: With Gualcamayo carried at nearly $350m on the Yamana Gold (AUY) (YRI.to) books despite not being worth half that figure and Argentina suddenly the flavour of the month, the world's highest paid CEO* has decided to sell the mine and as such has just signed a mandate with TD Sec (which was of course confidential right up to the moment IKN was told about it) to that effect. Marrone will apparently accept $300m, which is a number that can only exist in some psychotropic dreamscape as soon as you realize that a) the oxides are running out fast and try as they might they can't find any more b) the sulphide "resource" is an uneconomic joke and c) it makes a loss on every ounce of gold it produces.






*compared to the amount of work he does