Published on 04/11/2022 at 17:48
As of 2014, Agnico Eagle and Yamana Gold each own 50% of the largest open pit mine in Canada. (Photo: Courtesy, Canadian Malartic)
Gold company Agnico Eagle has acquired 100% of the Canadian Malartic open pit gold mine in Abitibi-Témiscamingue, in which it is already a shareholder.
On November 4, Canadian mining company Pan American announced that it would buy Canadian Malartic’s other shareholder, Canadian mining company Yamana Gold.
Specifically, if Pan American gets its hands on Yamana Gold, the latter would sell its Canadian assets to Agnico Eagle, including its stake in Canadian Malartic.
As of 2014, Agnico Eagle and Yamana Gold each own 50% of Canada’s largest open pit mine.
Another bid was on the table, that of the South African mining company Gold Fields.
However, this Friday, Yamana Gold’s management indicated in a press release that this new proposal is superior to that previously made by Gold Fields.
The new bid is valued at US$4.8 billion (CA$6.5 billion), or 15% more than the South African miner’s offer.
According to Yamana Gold, Gold Fields has five business days to make a counter offer.
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