Yamana Gold cleans up balance sheet with $1-billion sale of Brazilian mine to Lundin

When the management teams at Yamana Gold Inc. and Lundin Mining Corp. look at copper and gold, both see a rising price environment ahead.

The company has US$1.6 billion in net debt, and Marrone said it plans to apply the entire proceeds from the Chapada mine sale to reduce that number. Investors remain unimpressed with Yamana Monday, sending its stock 3.5 per cent lower to $3.30 on the Toronto Stock Exchange.Marie Inkster, president and chief executive of Lundin, said her company had been looking to buy a copper mine since she started last October — not long after the company lost a bid to purchase a planned copper mine in Serbia.

Chapada last year produced 121,000 ounces of gold and 129 million pounds of copper, and has an estimated mine life of 28 years. That created an impetus to sell Chapada, and Marrone said the board started looking at options and speaking to buyers last fall.

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