April 15, 2019 / 11:22 AM / 7 months ago

BUZZ-Yamana Gold: Climbs on selling copper mine in $1 bln deal

** U.S.-listed shares of Yamana Gold rise 7.4% to $2.75 premarket after co agrees to sell its Chapada mine to Canada’s Lundin Mining Corp in a more than $1 bln deal

** Yamana to receive $800 mln in cash, up to $125 mln based on gold price, a $100 mln milestone payment contingent on the development of a pyrite roaster at Chapada, among others

** Chapada, located in the State of Goiás, Brazil, is a copper mine with additional gold production

** Expects 2019 costs to decline after selling Chapada unit

** Yamana also doubles its annual dividend to $0.04/share and announces that it intends to buyback up to 5% of its shares on the Toronto Stock Exchange and New York Stock Exchange

** Yamana to host a conference call at 8:00 am ET to discuss deal

** AUY up 8.5 pct this year while LUN has risen 21 pct (Reporting by Medha Singh in Bengaluru)

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