marrone
Yamana Gold may spin off some Brazilian assets, CEO says Nov 14 2014, 14:13 ET | About: Yamana Gold Inc. (AUY) | By: Carl Surran, SA News Editor Yamana Gold (AUY +5%) is considering placing some of its Brazilian mines into a separate company that could be spun off to current shareholders, CEO Peter Marrone tells WSJ, as it looks for ways to counter the steep drop in the price of gold. AUY had said previously it might sell assets in Brazil, where it owns three producing mines and three development projects, but Marrone says the bottom of the cycle would be the wrong time to sell; AUY recorded $635M in Q3 charges related to the three development projects. As the rising dollar pressures gold prices, Marrone says investors are not taking into account the benefits of the corresponding fall in the currencies of countries where AUY operates, including Brazil, Canada, Argentina and Chile.