Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
Yamana Gold on Friday received an unsolicited offer from Agnico Eagle Mines and Pan American Silver to acquire the company in a near $5 billion deal.
Both companies have offered to buy Yamana in a cash-and-stock deal valued at $5.02 a share.
Under the terms of the offer, Pan American would acquire all the issued and outstanding common shares of the company. In addition, Yamana would sell certain subsidiaries and partnerships to Agnico Eagle, including the Canadian Malartic mine, allowing Agnico Eagle to consolidate its ownership of one of the world’s biggest gold mines.
Yamana shareholders would receive $1.0406 in cash, 0.0376 of an Agnico Share, and 0.1598 of a Pan American Share for each share held.
Gold Fields, which offered to buy Yamana at the end of May in a stock deal, has five business days to match the offer. The proposed merger with Gold Fields would create the world’s fourth-largest gold miner, surpassing Agnico Eagle.
The proposed Gold Fields deal, initially valued at $7.25 billion when it was announced on May 31, is currently valued at $5 a share.
Yamana said it has informed Gold Fields the new offer constitutes a “superior proposal.”
US-listed shares of Yamana jumped as much as 23% to $5. Gold Fields rose 6.3%. Midday, shares of Agnico Eagle were up 3% and Pan American Silver’s down 8%.
(With files from Reuters and Bloomberg)
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