Yamana Gold
Former Canadian precious-metals mining company that operated gold, silver and copper mines in the Americas.
Last updated November 4, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Yamana Gold was a Canadian mining company focused primarily on gold, with additional production of silver and copper. Headquartered in Toronto, it operated mines and development projects in Canada, Chile, Brazil and Argentina, and at different points also held assets in other parts of Latin America. The company ceased to exist as an independent public mining group after its acquisition by Pan American Silver in March 2023. The business began as Minera Yamana on March 19, 1994, as a mineral-exploration company concentrating on properties in Argentina. It became publicly traded in 1995 through a reverse takeover of Wiscan Resources. During its early years, Yamana assessed mineral properties in South America and Indonesia, but its first strategy did not produce a stable operating base. A silver project in Santa Cruz Province, Argentina, was sold in 2002 after development difficulties left the company under severe financial pressure. A major restructuring in 2003 transformed the company. Peter Marrone became chief executive, the company adopted the Yamana Gold name, consolidated its shares, and acquired Santa Elina Mines Corporation. The transaction brought the Fazenda Nova, São Francisco and Chapada projects into the group. Yamana also purchased the Fazenda Brasileiro gold mine from Companhia Vale do Rio Doce, immediately establishing itself as a producer rather than an exploration company. Construction and development decisions taken in 2004 led to commercial production at Fazenda Nova in 2005 and at São Francisco and Chapada in 2006. From 2006 onward, Yamana pursued an acquisition-led growth model. It combined with RNC Gold, Desert Sun Mining and Viceroy Exploration, obtaining producing operations or development projects in Nicaragua, Honduras, Brazil and Argentina. In 2007, Yamana and Northern Orion Resources completed a contested acquisition of Meridian Gold after increasing the offer to approximately US$3.5 billion in cash and shares. Meridian added important assets, including El Peñón, Minera Florida and the Mercedes development project. These transactions helped increase annual gold production from 101,000 ounces in 2004 to 597,304 ounces in 2007 and 1,201,200 ounces in 2009. Yamana remained above one million ounces of annual gold production from 2009 through 2016, although its portfolio changed substantially. In 2009 it sold the San Andrés, São Francisco and São Vicente mines to Aura Minerals. It brought Gualcamayo into production in 2009 and Mercedes into production in 2012. In 2014, Yamana joined Agnico Eagle Mines in a successful transaction involving Osisko Mining Corporation. The resulting Canadian Malartic joint venture became one of Yamana's most important assets and, with a 50 percent interest for Yamana, one of its largest sources of production. The company later faced pressure from falling production, debt and investor criticism of executive compensation. It spun off Brio Gold in 2017, transferring control of Fazenda Brasileiro and several Brazilian development assets and reducing its attributable output below one million ounces. Cerro Moro in Argentina, acquired through the 2012 purchase of Extorre Gold Mines, reached production in 2018. That same year, Daniel Racine replaced Marrone as chief executive while Marrone became executive chairman. Yamana subsequently sold Chapada to Lundin Mining for US$800 million and Gualcamayo to Mineros S.A. for US$85 million in 2019, transactions intended in part to reduce debt. At the end of its independent existence, Yamana's principal operating portfolio included the Canadian Malartic mine in Quebec, El Peñón and Minera Florida in Chile, Jacobina in Brazil, and Cerro Moro in Argentina. Its operating methods included open-pit and underground mining, cyanidation, carbon-in-pulp processing, Merrill–Crowe recovery, electrowinning and smelting to produce doré and concentrates. Yamana also reported environmental, social and governance achievements, including recognition by…
History
Yamana Gold originated as Minera Yamana, founded in Toronto in 1994 as a private mineral-exploration company focused on Argentina. It became public in February 1995 through a reverse takeover of Wiscan Resources and adopted the Yamana Resources name. The early company examined mineral properties in South America and Indonesia but struggled to turn exploration into a profitable operating business. Its attempt to develop a silver property in Santa Cruz Province, Argentina, ended with the sale of the project in 2002 to avoid bankruptcy. The decisive turning point came in 2003. Peter Marrone became chief executive during a restructuring that changed the corporate name to Yamana Gold, consolidated the shares and brought in Santa Elina Mines Corporation. Santa Elina contributed the Fazenda Nova, São Francisco and Chapada projects in Brazil. During the same period Yamana bought the Fazenda Brasileiro gold mine from Companhia Vale do Rio Doce. That purchase gave the reorganized company immediate production, while the Santa Elina properties supplied a development pipeline. Fazenda Nova reached commercial production in 2005, followed by São Francisco and Chapada in 2006. Yamana then expanded rapidly through combinations with other publicly traded mining companies. In 2006 it acquired RNC Gold, obtaining assets in Nicaragua and Honduras, and Desert Sun Mining, which added the Jacobina mine in Brazil. It also acquired Viceroy Exploration, bringing the Gualcamayo project in Argentina into the portfolio. In 2007 Yamana and Northern Orion Resources pursued Meridian Gold in a contested takeover. The transaction was ultimately agreed after Yamana raised its cash-and-share offer to approximately US$3.5 billion. Meridian added the producing El Peñón and Minera Florida mines in Chile and the Mercedes project in Mexico. This consolidation made Yamana a substantial regional producer. Reported gold output rose from 101,000 ounces in 2004 to 597,304 ounces in 2007 and 1,201,200 ounces in 2009. Despite divesting San Andrés, São Francisco and São Vicente to Aura Minerals in late 2009, the company maintained more than one million ounces of annual production between 2009 and 2016. Gualcamayo entered production in 2009 and Mercedes in 2012. The 2012 acquisition of Extorre Gold Mines added the Cerro Moro project in Argentina, which later became an operating mine. In 2014 Yamana joined Agnico Eagle Mines in a transaction designed to acquire Osisko Mining Corporation, which was resisting a hostile bid from Goldcorp. The transaction created Canadian Malartic Corporation, owned equally by Yamana and Agnico Eagle. Canadian Malartic became one of Yamana's most productive assets and anchored its Canadian presence. The company's expansion, however, increased financial obligations. In 2017 Yamana spun off Brio Gold, transferring Fazenda Brasileiro and other Brazilian assets into a separate company; the move reduced Yamana's attributable production below one million ounces. By 2018, the company had accumulated approximately US$1.6 billion of debt, much of it associated with Canadian Malartic. Analysts and shareholders also criticized its executive compensation arrangements. Daniel Racine replaced Marrone as chief executive, while Marrone remained executive chairman. Yamana pursued portfolio simplification and debt reduction, selling the Chapada copper-gold mine to Lundin Mining for US$800 million and Gualcamayo to Mineros S.A. for US$85 million in 2019. Cerro Moro began production in 2018, preserving a significant Argentine operating presence. Yamana's final operating portfolio, described in sources for around 2020, consisted of five principal mines: Canadian Malartic in Quebec; El Peñón and Minera Florida in Chile; Jacobina in Brazil; and Cerro Moro in Argentina. The company produced gold and silver doré as well as copper-bearing products, using both open-pit and underground mining and several recovery technologies. Its reported direct and indirect greenhouse-gas emissions for 2020 were 180 kilotonnes of CO2 equivalent. Yamana was also recognized for ESG performance, including its inclusion in Corporate Knights' 2021 list of Canada's Best 50 Corporate Citizens. Pan American Silver acquired Yamana in March 2023 for a transaction valued at nearly US$4.8 billion. The acquisition ended Yamana Gold as a standalone listed company and transferred its remaining assets and operations to the acquiring group.
- 2023
Acquired by Pan American Silver
[1]Pan American Silver completed its acquisition of Yamana, ending the company's existence as an independent group.
- 2019
Chapada and Gualcamayo divested
[1]Yamana sold Chapada to Lundin Mining and Gualcamayo to Mineros as part of debt reduction and portfolio restructuring.
- 2018
Cerro Moro begins production and CEO changes
[1]Cerro Moro entered production in Argentina, while Daniel Racine succeeded Peter Marrone as CEO.
- 2017
Brio Gold spun off
[1]Yamana separated Brio Gold, transferring Fazenda Brasileiro and other Brazilian assets and reducing its attributable production.
- 2014
Canadian Malartic joint venture established
[1]Yamana and Agnico Eagle acquired Osisko Mining's assets and formed the jointly owned Canadian Malartic Corporation.
- 2012
Mercedes begins production
[1]The Mercedes mine in Mexico, obtained through Meridian Gold, entered production.
- 2009
Gualcamayo begins production
[1]The Gualcamayo mine in Argentina entered production; Yamana also sold several mines to Aura Minerals.
- 2007
Meridian Gold acquisition completed
[1]Yamana and Northern Orion Resources completed the contested acquisition of Meridian Gold after increasing the offer to approximately US$3.5 billion.
- 2006
São Francisco and Chapada development
[1]São Francisco and Chapada entered production, while acquisitions of RNC Gold and Desert Sun Mining expanded Yamana's Latin American portfolio.
- 2005
Fazenda Nova reaches commercial production
[1]Fazenda Nova became the first mine developed by the restructured Yamana group to reach commercial production.
Products and positioning
A mid-to-large-scale Americas-focused precious-metals producer whose growth was built through acquisitions, mine development and a portfolio spanning gold, silver and copper. The company emphasized operational growth and later highlighted environmental, social and governance performance, while facing criticism over leverage and executive compensation.
Gold-silver mine · 2014
Canadian Malartic
A large open-pit mine in Quebec operated through a 50/50 joint venture with Agnico Eagle Mines. The operation processes ore through cyanidation, electrowinning and smelting to produce doré bars. It became a central asset in Yamana's portfolio after the 2014 Osisko transaction.
Gold-silver mine · 2007
El Peñón
An underground gold-silver operation in Chile's Atacama region, obtained through the acquisition of Meridian Gold. The mine targets high-grade veins and uses Merrill–Crowe recovery and precipitation to produce doré.
Gold-silver-zinc mine · 2007
Minera Florida
A predominantly underground mine in Chile's Santiago Metropolitan Region. Its processing system included carbon-in-pulp treatment, electrowinning and production of doré bars. The asset entered Yamana's portfolio through Meridian Gold.
Gold mine · 2006
Jacobina
A Brazilian gold mining complex in Bahia acquired through Desert Sun Mining in 2006. It principally used underground mining, carbon-in-pulp processing and electrowinning to recover gold.
Gold-silver mine · 2018
Cerro Moro
A combined open-pit and underground mine in Santa Cruz Province, Argentina. Yamana obtained the project through its acquisition of Extorre Gold Mines and brought it into production in 2018. Merrill–Crowe processing is used to produce doré bars.
Copper-gold mine · 2006
Chapada
A Brazilian copper-gold-silver mine in Goiás that entered Yamana's portfolio through the 2003 Santa Elina restructuring. It produced for Yamana until its sale to Lundin Mining in 2019.
Gold mine · 2009
Gualcamayo
An Argentine gold project acquired through Viceroy Exploration and developed into a producing mine in 2009. Yamana operated it for approximately a decade before selling it to Mineros.
Gold mine · 2003
Fazenda Brasileiro
A Brazilian gold mine purchased from Vale in 2003 and Yamana's first operating mine. Control was transferred to Brio Gold during the 2017 spin-off.
Gold-silver mine · 2012
Mercedes
A Mexican gold-silver mine obtained through Meridian Gold and brought into production in 2012. Yamana sold the mine to Premier Gold in 2016.
Gold mine · 2006
São Francisco
A Brazilian gold mine contributed by Santa Elina and developed by Yamana. It operated from 2006 until being sold to Aura Minerals in 2009.
Gold mine · 2005
Fazenda Nova
A small gold mine in Goiás and one of the first projects brought into the restructured Yamana portfolio. It entered production in 2005 with a short expected mine life and was later placed on care and maintenance.
Brand decisions
2023
Accept acquisition by Pan American SilverM&ABackground
Yamana was operating as a multi-country precious-metals producer when Pan American Silver agreed to acquire it.
Action taken
Pan American Silver completed the acquisition of Yamana Gold in March 2023.
Aftermath
Yamana ceased to operate as an independent public company and its assets became part of Pan American Silver's portfolio.
Transaction value. Nearly US$4.8 billion (March 2023)
2019
Sell Chapada and GualcamayoM&ABackground
Yamana faced a high debt load and pressure to simplify its asset base.
Action taken
The company sold Chapada to Lundin Mining and Gualcamayo to Mineros S.A.
Aftermath
The transactions generated cash for debt reduction and reduced the number of assets directly operated by Yamana.
Reported transaction proceeds. US$800 million for Chapada and US$85 million for Gualcamayo (2019)
2017
Spin off Brio GoldStrategyBackground
Yamana sought to reshape its Brazilian portfolio and separate several assets from the parent company.
Action taken
It spun off Brio Gold with control of Fazenda Brasileiro and several Brazilian development projects.
Aftermath
Yamana's attributable production fell below one million ounces, while the separated assets continued under a distinct corporate structure.
2014
Partner with Agnico Eagle in Osisko transactionM&ABackground
Osisko Mining Corporation was facing a hostile takeover attempt from Goldcorp.
Action taken
Yamana and Agnico Eagle made a joint bid that created the Canadian Malartic Corporation and gave each company a 50 percent interest.
Aftermath
Canadian Malartic became one of Yamana's principal producing assets and strengthened its Canadian operating presence.
- Goldcorp — Goldcorp was the rival bidder in the contested Osisko takeover process.
2007
Increase offer for Meridian GoldM&ABackground
Meridian Gold resisted Yamana's proposed acquisition and was involved in a contested takeover situation.
Action taken
Yamana, together with Northern Orion Resources, increased its cash-and-share offer until the transaction was accepted.
Aftermath
The combination added El Peñón, Minera Florida and the Mercedes project and materially expanded Yamana's production base.
Transaction value. Approximately US$3.5 billion offer (2007)
2003
Restructure around mine ownership and developmentStrategyBackground
After the failed development of an Argentine silver property and the sale of that asset in 2002, Yamana needed to avoid bankruptcy and establish an operating base.
Action taken
The company changed its name to Yamana Gold, appointed Peter Marrone as CEO, acquired Santa Elina Mines and bought Fazenda Brasileiro from Vale.
Aftermath
The restructuring converted Yamana from an exploration-focused company into a gold producer with Brazilian development projects and an operating mine.
Recent events
- 2023
Yamana Gold acquired by Pan American Silver[1]
M&A
Pan American Silver completed its acquisition of Yamana Gold in March 2023 in a transaction valued at nearly US$4.8 billion, ending Yamana's independent corporate existence.
- 2021
Yamana receives ESG recognition from Corporate Knights[1]
Other
Yamana Gold was included among Canada's Best 50 Corporate Citizens by Corporate Knights, reflecting recognition of its environmental, social and governance performance.
- 2019
Yamana sells Chapada mine to Lundin Mining[1]
M&A · Other
Yamana agreed to sell the Chapada copper-gold mine in Brazil to Lundin Mining for US$800 million, helping address its debt burden.
- 2019
Yamana sells Gualcamayo mine to Mineros[1]
M&A · Other
The Gualcamayo mine in Argentina was sold to Mineros S.A. for US$85 million as part of Yamana's portfolio and debt-reduction actions.
- 2018
Daniel Racine succeeds Peter Marrone as chief executive[1]
Leadership change
Yamana appointed Daniel Racine chief executive as the company confronted debt pressure and criticism relating to executive compensation. Peter Marrone remained with the company as executive chairman.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/yamana-gold · Editorial policy · How profiles are compiled