BUENOS AIRES Dec 2 Canadian-based gold miner
Yamana Gold Inc will invest $450 million dollars to
bring a gold mine in Patagonia on stream by the end of 2015,
the Argentine government said on Monday.
Work on the Cerro Moro mine, located in Puerto Deseado in
southern Santa Cruz province, is set to kick off at the
beginning of next year, the government said in a statement. It
said Yamana Chief Executive Officer Peter Marrone announced the
investment at a meeting with mining authorities.
The Canadian company currently operates a gold mine called
Gualcamayo in San Juan province and has a 12.5 percent stake in
a gold and copper mine called Alumbrera in Catamarca province.
Glencore Xstrata Plc holds 50 per cent of Alumbrera and
Goldcorp Inc 37.5 per cent.
Yamana, which also has mines in Brazil and Mexico, reported
a 28 percent fall in third-quarter profit because of weaker
metals prices and lower earnings from the Alumbrera mine.