In 2009, Meridian's ultimate parent company, Yamana Gold Inc., entered into an options and operations agreement (the Agreement) with Consorcio Minero Horizonte S.A. (Horizonte). The Agreement provided, among other things and as part of a larger transaction, that Horizonte would be appointed operator of the Concessions for 36 months. In order to allow Horizonte the legal right to perform its obligations as operator of the Concessions, the parties entered into a 36-month "cesión minera", which effectively assigned Meridian's rights to the Concessions to Horizonte.