Yamana Gold calls Aurelian-Kinross pact 'a great deal', says it won't make offer
posted on
Aug 07, 2008 04:58AM
http://www.financialpost.com/scripts...
Peter Koven, Financial Post Published: Thursday, August 07, 2008
Will a rival offer emerge for Aurelian Resources Inc.? Investors have asked that question ever since the company unveiled its friendly deal with Kinross Gold Corp. on July 24. Now one company can be crossed off the list of potential rival bidders: Peter Marrone, chief executive of Yamana Gold Inc., called the Kinross-Aurelian pact "a great deal for both companies" and said Yamana has no interest in a counter-offer. That is because Ecuador does not fit the profile of countries Yamana wants to invest in. "We've always gone to jurisdictions that have significant mining pedigree. But more importantly where there's established infrastructure, where the capital costs are very manageable because of that established infrastructure ... That's the profile of the company and I wouldn't want to deviate from that at this point," Mr. Marrone said. Yamana posted adjusted second-quarter earnings of US$102.7-million (or US15ยข a share) after the bell yesterday.