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Yamana Gold to invest $450 million in Argentine mine

Reuters - UK Focus

BUENOS AIRES, Dec 2 (Reuters) - Canadian-based gold miner Yamana Gold Inc (Toronto: YRI.TO - news) will invest $450 million dollars to bring a gold mine in Patagonia on stream by the end of 2015, the Argentine government said on Monday.

Work on the Cerro Moro mine, located in Puerto Deseado in southern Santa Cruz province, is set to kick off at the beginning of next year, the government said in a statement. It said Yamana Chief Executive Officer Peter Marrone announced the investment at a meeting with mining authorities.

The Canadian company currently operates a gold mine called Gualcamayo in San Juan province and has a 12.5 percent stake in a gold and copper mine called Alumbrera in Catamarca province. Glencore Xstrata Plc (Other OTC: GLCNF - news) holds 50 per cent of Alumbrera and Goldcorp Inc (Toronto: G.TO - news) 37.5 per cent.

Yamana, which also has mines in Brazil and Mexico, reported a 28 percent fall in third-quarter profit because of weaker metals prices and lower earnings from the Alumbrera mine.