Yamana to take on full control of El Penon

After ten years of exploiting the gold- and silver-mine El Penon in Chile, the constructor Gardilcic has sold up the entirety of its operations to Canadian company Yamana Gold, already the owner of the reserve. Yamana is working to a strategy of total control of its operations. El Penon is to be found 165 kilometres south-east of Antofagasta and boasts an annual production capacity of over 400,000 ounces of gold equivalent, explains country manager for the gold group, Ricardo Palma Contesse. The transfer of operational responsibility will actually occur on January 5, 2010, although Gardilcic will remain on site for four more months.

Publication: SABI - Business News
Provider: South American Business Information
December 6, 2009