Yamana’s Brio Gold to go public in third quarter
TORONTO (miningweekly.com) – Canadian miner Yamana Gold on Wednesday announced that subsidiary Brio Gold, which held most of its former Brazilian assets, was expected to go public in the third quarter of this year.
Yamana advised that Brio Gold going public was the “optimal approach” to realising its “considerable value” and plans were progressing for a 'going-public' event.
The company had engaged National Bank Financial and CIBC World Markets as financial advisers to assist in the process of the event.
Yamana had spun-out some of its noncore Brazilian assets into a new subsidiary in efforts to separate its noncore assets, including Fazenda Brasileiro, Pilar and C1 Santa Luz, as well as some related exploration concessions, into Brio Gold.
Yamana reported on Wednesday that Brio Gold produced about 31 000 oz of gold in the first quarter ended March 31 at cash costs of about $825/oz. First-quarter output was consistent with the subsidiary's budget and its mines were on track to produce 130 000 oz of gold at an average cash cost of $730/oz of gold this year.
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