Here's the reaction from BMO Capital (with edits of my own) to the news.
Agua Rica Strategy Resolved; Less Risk and Less Copper Ahead
* Yamana sells its interest in Agua Rica to JV with Xstrata and Goldcorp for combination of payments totalling US$310M.
* Retains a gold stream on 65% of payable production up to max of 2.3Moz., and retains 12.5% interest in JV.
* Integration of Agua Rica into Alumbrera is logical, given the close proximity to Alumbrera's factilities and potential synergies (35 km away)
* Agreement de-risks future capital requirements and reduces its copper exposure
* facilitates integration of Agua Rica into the Alumbrera JV (of which Yamana also owns 12.5%), and enable Yamana to retain exposure to the majority of Agua Rica's substantial gold reserve of 6.5Moz, and an effective 12.5% interest in the project.
Market seems to like the news. Yamana is one of the few Gold stocks that's up today.