TORONTO (miningweekly.com) – Private merchant bank Forbes & Manhattan Inc on Monday congratulated Yamana Gold for achieving the ten-year anniversary of the first gold bar poured from the reactivation of the Jacobina mine, in Bahia state, Brazil.
The Jacobina mine was acquired by Williams Resources in 1996, and subsequently sold to Desert Sun Mining in 2002; two companies belonging to the Forbes & Manhattan Group of Companies. From 1996 to 2006, Forbes & Manhattan's engineering and geological teams developed the Jacobina mine into a long-life, 4 200 t/d operation, which Yamana acquired for $736-million in 2006.
"We believe this milestone is a testament to the strong technical team of our organisation who successfully turned an undervalued resource asset into a successful, long-lasting, operation. Nearly the entire Forbes & Manhattan team who contributed to Jacobina's success continue to focus their expertise on various mining companies in our group, including Sulliden Mining Capital, Belo Sun Mining and Coastal Gold.
“We are confident that their extensive experience at all levels of mine development and operations will lead to many more successes,” Forbes & Manhattan chairperson Stan Bharti commented.