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Yamana Gold Inc. (USA) (NYSE:AUY) Makes Senior Management Appointment

Boston, MA 07/10/2014 (wallstreetpr) – Yamana Gold Inc. (USA) (NYSE:AUY), a Canadian miner that is trying to unload non-core assets in Brazil, has made a new appointment in its senior management team.

The company appointed Barry Murphy as its Senior Vice President for Technical Services. The appointment is effective September 3. In the new capacity, Mr. Murphy will head all project development and construction matters in the company.

He is also expected to play a key role in reinvigorating the company through strategic optimizations and expansions.

Who is Mr. Murphy?

According to Yamana Gold Inc. (USA) (NYSE:AUY)’s CEO and Chairman Peter Marrone, the company is pleased to have a person of Mr. Murphy’s caliber in its senior management rank. He said that the contribution of Mr. Murphy will doubtlessly advance many projects and development plans in the company.

The CEO also cited the extensive experience of Mr. Murphy in open pit and underground mines activities, saying that such experience will be a significant addition to the Yamana’s management efforts.

Mr. Murphy most recently served as vice president of projects at the copper division of Anglo American Corporation. He joined the company in 1987 in the rank of a junior engineer and rose through the ranks to the company’s senior management level. He has more than 25 years dealing with diverse mine and mineral processing projects in Africa and South America.

Divesting Brazil mines

Yamana Gold Inc. (USA) (NYSE:AUY) is trying to slim down in South America. The company has earmarked three of its mines in Brazil for sale. The company hired Royal Bank of Canada to help with the sales process. However, there has not been any breakthrough in the sale offer.

According to people familiar with the matter, Yamana is struggling to create interest in its Brazilian assets partly because the mines are already mature and nearing the end if their lives.

The mines in question are Chapada, Jacobina and Fazenda Brasileiro. The mines have a combined net value of about $3 billion, according to a report by Canaccord Genuity.

Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.

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