Yamana Gold Inc. swung to an attributable net income of US$201.3 million, or 21 cents per share, in the third quarter, from a year-ago net loss of US$81.3 million, or 9 U.S. cents per share.
The results include a US$273.1 million gain on sale of the Chapada copper-gold mine in Brazil in early July to Lundin Mining Corp.
Revenue in the quarter, however, dropped to US$357.8 million from US$424.7 million, and total cost of sales fell to US$276.0 million from US$350.8 million.
The company's average revenue from gold sales climbed to US$1,481 per ounce from US$1,208/oz, and from silver sales increased to US$17.73/oz from US$15.16/oz.
Gold production in the quarter fell to 209,923 ounces from 268,843 ounces, while silver production slid to 2.48 million ounces from 2.55 Moz, on a yearly basis.
All-in sustaining costs per gold equivalent ounce increased to US$1,039/oz from US$988/oz, due to the company's decision to increase exploration spending and concentrate sustaining capex in the second half of the year.
Yamana said Oct. 24 that it expects an improvement in its fourth-quarter operating costs mainly due to grade improvements at its El Penon and Minera Florida mines in Chile.
The company's net debt decreased by US$810.3 million during the quarter to US$948.9 million.