Elephant resources are all

1 very expensive to buy

2  require $3b to $13b in capital expenditures

3  are low grade

4  will take 6 to 10 years before extraction begins

5  are in unsafe jurisdictions

6  face fierce adversity to permitting


some concerning combination of the above


While Barrick targets elephant mines that will produce 1 million ounces for 25+ years Yamana is skilled at and targets resources that will produce 100,000 to 250,000 ounces for 10 or 12 years in South America and then try to expand the time frame by a few years with the drill bit.

All miners would love to discover an elephant resource.  Everybody.   But the high cost acquisition of an elephant property via a takeover is not in the Yamana playbook.  Nor should it be.