Uncertainties related to working in Papua New Guinea and other parts of Southeast Asia have prompted Yamana Resources (YRI-T) to cancel plans to make Union Mining a wholly owned subsidiary.
Yamana, which currently has a fully diluted interest of 17.6% in Union, was unable to arrange financing to acquire the remaining interest in the Australian-based company.
Indonesian properties make up the bulk of Yamana’s holdings. The junior also has projects in Chile, Paraguay and Washington state. Yamana’s largest shareholder is Barrick Gold (ABX-T), with 14.2% of its shares.
Be the first to comment on "Yamana cancels PNG deal with Union — Company retains 17.6% interest"