Mr. Marrone is due to retire from Yamana after it is sold to Agnico Eagle and Pan American next year
Peter Marrone has few regrets as he prepares to walk away from the big Canadian gold mining company he founded and is now poised to sell to a pair of Canadian precious metals companies.agreed to sell itself to Agnico Eagle Mines Ltd. and Pan American Silver Corp. for US$4.8-billion. That offer topped an earlier and deeply unpopular bid by South African miner Gold Fields Ltd., which was originally worth US$6.7-billion.
If the ends justifies the means, then as soon as that Agnico and Pan American bid surfaced, all was forgiven. Shareholders with Yamana, Agnico and Pan American quickly embraced the transaction as making strategic sense. For example, Yamana is now set to sell the 50 per cent of the Malartic mine it doesn’t already own to Agnico. Meantime, Pan American will buy Yamana’s suite of gold and silver mines in South America, adding to its already large portfolio in the region.
Like many of his peers, including Barrick Gold Corp, and Kinross Gold Corp., Yamana is worth considerably less now than it was at its 2012 peak.
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