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Goldcorp, Yamana Gaining After Inking Deal to Partner on Additional Argentine Project

Goldcorp (G.TO) and Yamana Gold (YRI.TO) both are higher today after the miners signed a deal extending their partnership with Xstrata Copper to a mining prospect near their existing Alumbrera gold and copper facility in Argentina.

The three companies currently are partners in the Minera Alumbrera mine, 50% owned and managed by Xstrata with Goldcorp and Yamana holding 37.5% and 12.5% stakes, respectively. The new deal extends the same percentages to the Agua Rica project, a large-scale copper and gold deposit until now fully owned by Yamana and located about 35 kilometres from Alumbrera in northern Argentina.

Under the four-year option pact, Yamana would receive $150 million from Goldcorp and Xstrata once the project is approved to proceed and another $50 million once production begins in addition to the $30 million already paid Yamana. Yamana shares were up 12 cents at $15.62 a share.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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