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Yamana mulls upgrading 2017 output guidance after strong Q3, 9-month production

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Yamana mulls upgrading 2017 output guidance after strong Q3, 9-month production

Yamana Gold Inc. said Oct. 16 that it is evaluating increasing its 2017 gold, silver and copper output guidance after output in the third quarter and the first nine months of the year came in ahead of guidance and budget and amid an expected strong fourth quarter.

The company's mines produced 257,000 ounces of gold, 1.4 million ounces of silver and 37.1 million pounds of copper in the quarter that ended Sept. 30 and 717,000 ounces of gold, 3.8 million ounces of silver and 92.7 million pounds of copper in the first nine months of the year.

Gold and silver output during the periods was lower than year-ago figures, unlike copper production, which increased year over year.

Yamana raised its gold production guidance for 2017 to 940,000 ounces, from 920,000 ounces previously, in May.

Meanwhile, the company said it has started to make payments under a program in Brazil to settle certain tax contingencies. Yamana has already paid C$30.5 million and earmarked C$14.8 million for another payment in the next few weeks. The miner plans to pay a further C$29.3 million by the end of the year.

Yamana's cash balances will be affected by the payments in the third and fourth quarters. The company is scheduled to release its third-quarter results Oct. 26.