Yamana Gold Inc - gold, silver and copper miner in Canada, Chile, Brazil and Argentina - Reports 2020 preliminary GEO production of 901,155 ounces, which includes gold plus silver at a ratio of 88.86, down from 1.0 million ounces in 2019. This exceeds original annual guidance for 890,000 GEO and, while below the 915,000 ounce GEO set point of revised guidance, is still within the plus or minus 3% guidance range set to account for Covid-19 uncertainty. Annual silver production higher at 10.4 million ounces from 10.0 million ounces, but gold production totals 779,810 ounces, down from 900,339 ounces in 2019.
Fourth quarter preliminary GEO production 255,361 ounces, down from 256,288 ounces in the same quarter of 2019. Gold production 221,659 ounces, up from 221,595 ounces, with silver production down at 2.6 million ounces from 3.0 million ounces. Says "Covid-19 related restrictions imposed in Argentina in December meant production at Cerro Moro was below our expectations although operational performance in December still exceeded the monthly average for the year."
Guides for 2021 GEO production of 1.0 million ounces, with silver production at 10.0 million ounces and gold production guidance at 862,000 ounces. Expects to incur some near-future costs relating to Covid-19, likely in first half of 2021 and starting to decrease in the second half as a vaccine rollout is expected in most countries where Yamana operates.
Yamana President & Chief Executive Daniel Racine: "While we anticipate there may be some short-term operational challenges in Argentina over the next few months due to Covid-19, we expect to return to business as usual as the national vaccination program ramps up."
Current stock price: 379.80 pence
Year-to-date change: down 11%
By Anna Farley; annafarley@alliancenews.com
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