Canadian mining company Yamana Gold Inc. plans to invest $450 million in the Cerro Moro gold and silver project in the southern Argentine province of Santa Cruz, the Mining Secretariat said in a statement.

Yamana Gold executives presented plans for the project at a meeting with Argentine Cabinet chief Jorge Capitanich, Federal Planning Minister Julio De Vido and Mining Secretary Jorge Mayoral.

The investment will go toward construction and the launch of operations at Cerro Moro, which is located near the city of Puerto Deseado, the secretariat said.

Construction is expected to start at Cerro Moro in early 2014, with production slated to begin in late 2015, creating 1,000 direct and indirect jobs, the secretariat said. EFE