Yamana Gold Inc - Toronto-based precious metals producer - Books second quarter revenue of USD437.4 million, up 44% from USD303.4 million from same period last year. Revenue per ounce of gold climbs 6.0% to USD1,817, silver by 54% to USD25.96. Total gold production rises to 217,402 ounces from 164,141 but silver production slips to 1.6 million ounces from 2.0 million. Experiences loss of USD5 cents per share but increases annual dividend to USD12 cents per share, almost 15% up. Yamana believes dividend is "important component of returns on investment for shareholders".
Enters phase two expansion at Jacobina, Brazil, mine, increasing throughput to 8,500 tonnes per day - currently 7,500 - and annual production to 230,00 ounces. Capital costs anticipated "significantly lower" than originally planned, won't exceed USD15 million to USD20 million range. "The Jacobina processing team continued to fine-tune the operation of the plant, optimizing the aperture of the crushers and sizing of the screens to reduce the feed size of material entering the ball mills, thereby improving milling performance," says Yamana.
Current stock price: 329.83 pence
Year-to-date change: down 23%
By Josie O'Brien; josieobrien@alliancenews.com
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