https://www.theglobeandmail.com/
Yamana Gold Inc. founder Peter Marrone and the miner’s outgoing CEO Daniel Racine are launching a private equity-style venture, aimed at taking stakes in struggling mining companies with the view to turning them around for a big profit.
The pair, who will joined by a handful of other Yamana executives, plan to invest in early stage gold exploration companies, but the team will also consider taking much bigger bets on companies that already have mines in production.
“If there’s a big whale that comes along, that’s the one,” Mr. Marrone said in interview. Toronto-based Yamana last year agreed to sell itself to Agnico Eagle Mines Ltd. AEM-T and Pan American Silver Corp. PAAS-T for US$4.8-billion, meaning the Yamana individuals starting the venture will soon be out of a job.
While Mr. Marrone said priority number one is making sure the acquisition of Yamana closes next month, he added that he may announce his first investment into a mining exploration company not long after that.
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