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Yamana's Cerro Moro mine pours 1st gold-silver doré

Yamana Gold Inc.'s Cerro Moro operation in Argentina poured its first gold and silver doré May 15 and is on track to achieve commercial production in the second quarter.

The miner said May 16 that the focus on ramping up production continues, and most of the 2018 output is anticipated in the second half.

Yamana expects Cerro Moro to produce 85,000 ounces of gold and 3.75 million ounces of silver in 2018, with co-product all-in sustaining costs of US$650/oz of gold and US$9.15/oz of silver.

Cerro Moro is expected to produce 125,000 ounces of gold and 6 million ounces of silver in 2019, increasing to 130,000 ounces of gold and 8.3 million ounces of silver in 2020.

The company is also considering investing in utility power ahead of original plans to improve costs at Cerro Moro.

Yamana earmarked US$11.2 million for exploration at Cerro Moro in 2018, increasing from US$9 million. Yamana aims to upgrade inferred resources of 110,000 ounces of gold equivalent, define another 250,000 ounces of gold equivalent in inferred resources and outline new drill targets.

The company produced 199,555 ounces of gold in the first quarter, a 12.2% increase on an annual basis.