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The miner produced 900,339 ounces of gold last year from its five mines in Chile, Argentina, Canada, Brazil.
Gold prices have jumped to their highest since 2011, spurring mergers and acquisitions among miners in the sector.
But Marrone said there were few assets that could deliver high returns and he preferred a transaction that was a merger of equals.
“Not an acquisition but a combination, perhaps through similarly-sized companies creating further critical mass. We are very open and receptive to that, we recognize that size does matter,” he said.
Such deals involving majors have occurred in the last couple of years, including Barrick Gold’s takeover of Randgold, Newmont’s merger with Goldcorp and more recently SSR Mining’s tie up with Alacer Gold .
Memery Crystal LLP is Yamana’s legal adviser and Velocity Trade Capital Ltd is its financial adviser. The company said it had also started the process of appointing U.K. corporate brokers.
© Thomson Reuters 2020