(Kitco News) – Mining activity in Northern Quebec continues to heat up, with Yamana Gold increasing its footprint in the Abitibi region after it announced it would buy Monarch Gold’s Wasamac property and the Camflo property and mill.
Announced Monday, under the agreements of the friendly takeover, Yamana will purchase all outstanding Monarch shares in a cash and equity deal valued at approximately C$152 million.
“The acquisition provides Yamana with a high-quality project with a significant mineral reserve and mineral resource base and excellent potential for further expansion.
The acquisition adds to the company’s footprint in the Abitibi region, which is consistent with Yamana’s strategy to build on its existing presence in established mining jurisdictions where it has deep technical, geological, and operational expertise,” the company said in a press release.
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