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Yamana Gold returns to US$18M profit in Q2; gold output up YOY

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Yamana Gold returns to US$18M profit in Q2; gold output up YOY

Yamana Gold Inc. said July 26 that it swung to an attributable net income of US$18.0 million, or 2 cents per share in the second quarter, from a year-ago net loss of US$39.9 million, or 4 cents per share.

Revenue climbed to US$431.5 million, from US$428.1 million previously. The Canadian miner generated US$1,289 per ounce of gold, US$16.61 per ounce of silver and US$2.76 per pound of copper.

On a gold equivalent basis, Yamana raised its second quarter output to 240,271 ounces, due to higher than planned gold production, offset by slightly lower than planned silver production of 1.3 million ounces, in line with year-ago figures.

Total production from its Chapada and Jacobina mines in Brazil, Minera Florida and El Peñón mines in Chile, Canadian Malartic mine in Quebec, and Cerro Moro mine in Argentina was 224,083 ounces of gold, marking an increase from 207,244 ounces of gold a year earlier.

Including the 24,094 ounces of gold produced at the Gualcamayo mine in Argentina, total quarterly production increased to 248,177 ounces of gold.

Its 50%-owned Canadian Malartic mine produced 91,863 ounces of gold, up from 82,509 ounces of gold previously, and the Jacobina mine increased output to 37,730 ounces. Chapada recorded a yearly output increase to 30,329 ounces of gold and 31.1 million pounds of copper.

However, the El Peñón and Minera Florida mines recorded yearly gold output decreases to 37,800 ounces and 16,717 ounces, respectively. Silver output at El Peñón mine also dipped to 925,450 ounces. The Cerro Moro mine, which achieved commercial production in June, produced 9,644 ounces of gold and 384,629 ounces of silver in the quarter.

Silver output is forecast to increase in the second half, with higher grades expected at El Peñón and a surge in production anticipated at Cerro Moro. Meanwhile, Yamana declared a third quarter dividend of 0.5 cent per share, to be paid Oct. 12.