Canada-based multinational minerals company Lundin Mining has agreed to pay over $1 billion for peer Yamana Gold's entire stake in the gold producer's subsidiary.
The subsidiary, Mineração Maracá Indústria e Comércio, has Chapada gold mine in Brazil and the mine is expected to create benefits for high-quality copper production.
Lundin Mining said that the transaction will add to its portfolio of high-quality mines and will create shareholder value.
As a part of the deal, Yamana will get $800 million in cash at closing from Lundin and the transaction is expected to close in the third quarter of this year.