(Alliance News) - Yamana Gold Inc on Friday said it was well positioned to hit annual guidance of 1 million gold equivalent ounces but posted a disappointing drop in earnings for the quarter.
The Toronto, Canada-based miner posted earnings from mine operations for the third quarter ended September 30 of USD154.0 million, 2.1% lower annually from USD157.3 million. Revenue was USD452.2 million, a rise of 2.9% from USD439.4 million a year before.
For the quarter, gold equivalent production was 225,556 ounces while 2.27 million ounces of silver were mined, marking the second highest all-time quarterly production.
Production is weighted at 53% for the second half of the year, Yamana said, with the fourth quarter expected to exceed 270,000 GEO produced. Consequently, with a strong third quarter, the company "remains well positioned to achieve guidance for the year of 1 million GEO".
Yamana declared a fourth quarter dividend of USD0.03 per share, resulting in an annual payout of USD0.12 per share.
Shares were untraded in London at 312.00 pence each. They closed 2.4% lower in New York on Thursday at USD4.24 per share.
By Will Paige; willpaige@alliancenews.com
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