Former Yamana head Peter Marrone eyes emerging nations for next big venture in gold – by Naimul Karim (Financial Post – September 12, 2023)

Shift to non-traditional mining locations required to give investors the high returns they expect, he says

After selling Yamana Gold Inc. in March, a company Peter Marrone founded two decades ago, some expected the 63-year-old mining executive to take up fishing since he had never played golf, or, at the very least, take some time off before his next business venture.

But barely weeks after selling Yamana for US$4.8 billion to Canadian mining rivals Agnico Eagle Mines Ltd. and Pan American Silver Corp. in March, Marrone jumped at the opportunity to head a mining company with gold-producing assets in Mali, Ivory Coast and Ethiopia.

“I know that people talk about the therapeutic effects of fishing and all of these things,” he said. “I am not sure this is for me at this stage of my life.” In some ways, Marrone’s new company, Allied Gold Corp., is in a similar situation as Yamana in its early days in 2003.

Like Yamana, Allied also has gold-producing assets as opposed to projects in development. Both were also private companies looking to go public. Allied Gold just began trading on the Toronto Stock Exchange earlier this week.

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