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Yamana Gold to create Brio Unit for Brazil mines

Brio will be led by Gil Clausen, the former chief executive officer of Augusta Resource Corp.

Yamana Gold Inc., a Canadian producer of the metal, plans to carve out a new company comprising its less favored mines in Brazil.

The new entity, Brio Gold Inc., will initially be a fully owned subsidiary, Toronto-based Yamana said today in a statement. Brio will be led by Gil Clausen, the former chief executive officer of Augusta Resource Corp., who Yamana said will “evaluate various strategic alternatives” for the unit.

“This approach segregates our portfolios, better focuses our efforts, reduces our overall costs and allows us in the fullness of time to evaluate how best maximize value for our non-core portfolio,” Yamana Chairman and CEO Peter Marrone said in the statement.

©2014 Bloomberg News

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