Yamana Gold to acquire Monarch in $114 million deal
Yamana Gold (TSX: YRI) (NYSE, LON: AUY) is expanding its footprint in the precious metals-rich Abitibi region of Quebec, Canada, by acquiring all shares in smaller rival Monarch Gold (TSX: MQR) it does not already own for C$152 million (about $114m).
The cash and share deal gives Yamana the Wasamac property, which is about 100 km from its 50%-owned Canadian Malartic mine, as well as Camflo mill, also in Quebec.
Monarch said it would first spin off its other mineral properties and certain other assets and liabilities into a new company.