Argentina Suyai

suyai-map Image

Suyai is a near development stage high-grade gold project located in Chubut Province in southern Argentina. It is expected to produce up to 250,000 ounces of gold annually in its first eight years of production. The design of the project is intended to be respectful of and deal with local community concerns.

In 2020, Yamana signed an option agreement that granted a privately held Argentina-based portfolio management and capital company, CAM (Consultores Asset Management), the right to acquire up to a 40% interest in the Suyai project by fulfilling certain obligations and milestones, mostly relating to ESG matters, and by paying $31.6 million in various installments in addition to the proportionate expenses, on or before December 31, 2024. As part of the agreement, CAM has assumed responsibility for all ESG matters related to Suyai, including permitting efforts aimed at advancing the project through to development. CAM’s portfolio includes the biggest real estate company in Argentina, NASDAQ-listed international agricultural companies, along with banking and mining investments. It has successfully led the development of significant construction projects across Argentina.

While there is currently a moratorium on mining in the province of Chubut, Yamana is committed to working closely with CAM and engaging respectfully and transparently with local stakeholders to address sensitivities and arrive at mutually agreeable solutions that allow mining to resume in Chubut. This would allow the Suyai project to be advanced safely and responsibly, creating value and benefits for all stakeholders.

Yamana has previously completed studies that in addition to redesigning Suyai as a small scale high-grade underground project evaluated different options for ore processing, which provided favourable project economics. The preferred option calls for the construction of a processing facility for on-site production of gold and silver contained in a high-grade flotation concentrate, which would be transported by land and by sea to one or more gold smelters worldwide, thus avoiding the use of cyanide in the process.

Chile Agua de la Falda


Agua de la Falda is a joint venture asset located in the Atacama region of northern Chile near El Salvador, with well recognized gold mineral reserves and significant growth potential in copper and gold. Yamana holds a 56.7% interest in the project and Codelco holds a 43.3% interest. The Company continues to pursue development and strategic initiatives for the project. While the historical Jeronimo Feasibility Study focused on maximizing gold production from the project’s sulphide deposits, the Company completed the study of a low capital starter-project based on the remaining oxide inventory in heap leach pads and open pits with positive results and quick payback. The Company is also evaluating exploration plans with its partner on the highly prospective claims surrounding the mine, where early-stage targets for both gold and copper mineralization have been identified. Re-logging of historical holes and exploratory drilling support the potential to extend the gold oxide mineralization and presence of attractive copper mineralization, as well as the potential for copper-gold deposits within the joint venture claims. Agua de la Falda has processing capacity and infrastructure already installed, and it is in the vicinity of the El Salvador Division of Codelco.