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Yamana Gold narrows net loss for Q4, FY'17

Yamana Gold Inc. said Feb. 15 that its net loss attributable to equityholders narrowed 48.0% year over year in the fourth quarter of 2017 to US$191.0 million, or a loss of 20 cents per share, from a net loss of US$367.6 million, or a loss of 37 cents per share.

The net loss was attributed to the non-cash impairment losses on the re-measurement of Gualcamayo and related Argentinian exploration in association with their reclassification as assets held for sale, partially offset by the income tax recovery in Argentina related to a tax rate change of US$216.8 million.

Revenues for the quarter stood at US$478.8 million, down 1.2% from US$484.4 million in the prior-year period.

During the quarter, the company produced 282,041 ounces of gold, down 11.4% from 318,368 ounces in the prior-year period, while output of silver fell by 28.0% year over year to 1.17 million ounces from 1.63 million ounces.

This included gold production from Brio Gold Inc. attributed to Yamana in the three-month period of 22,435 ounces, down from 49,580 ounces in 2016.

Commodity revenues for gold and copper during the quarter increased to US$1,269 per ounce and US$2.36 per pound, respectively, while silver revenue per ounce fell to US$16.46.

Attributable all-in sustaining costs fell to US$925 per ounce from US$928 per ounce in the year-earlier quarter, and AISC of silver fell to US$11.90 per ounce from US$14.48 per ounce.

For full year 2017, the company's net loss attributable to equityholders narrowed by 36.9% to US$194.4 million from US$307.9 million in the prior-year period.

Revenues inched up to US$1.80 billion from US$1.79 billion in the prior year as a result of 24% higher copper prices and higher copper sales quantities.

For full year 2017, the company produced 1.10 million ounces of gold, which includes 119,011 ounces from Brio Gold, down 8.5% year over year from 1.20 million ounces, and silver output fell 25.4% to 5.00 million ounces from 6.71 million ounces.

Commodity revenues for gold and copper for 2017 increased to US$1,250 per ounce and US$2.36 per pound, respectively, while silver revenue per ounce dropped to US$16.80.

AISC for gold climbed to US$916 per ounce from US$911 per ounce in the prior-year period, while AISC for silver rose to US$13.48 per ounce from US$12.65 per pound.

In a same-day statement, Yamana forecast total gold equivalent production of 1.01 million ounces for full year 2017, compared to 2017 gold equivalent production of 892,006 ounces. This represents a production guidance of 900,000 ounces of gold, 8.2 million ounces of silver and 120 pounds of copper at Chapada.

The company expects cost of sales of between US$1,010 and US$1,030 per unit sold at an AISC of between US$725 and US$745 per unit produced.

Yamana also released production guidance of 1.08 million ounces of gold equivalent for full year 2019 and 1.15 million ounces of gold equivalent for full year 2020.

Yamana also declared a dividend of 0.5 cents per share for the first quarter.