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Yamana Gold swings to Q1 profit of US$38.4M

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Yamana Gold swings to Q1 profit of US$38.4M

Yamana Gold Inc.said May 4 that it swung to net earnings of US$38.4 million, or 4 cents per share,in the first quarter, from a net loss of US$135.2 million, or 15 cents per share,in the year-ago period.

Adjusted earnings from continuous operations also swung to US$28.8million, from a loss of US$37.5 million in the same period of 2015, due to highersales of gold, partly offset by lower sales of silver and copper, and lower realizedmetal prices of around 2% for gold, 11% for silver and 22% for copper.

Revenue for the three months fell to US$430.3 million, comparedto US$458.1 million in the year-ago quarter, as a result of lower sales quantitiesof silver and copper and lower metal prices.

For the quarter, the company sold 299,877 ounces of gold, 1.88million ounces of silver and 22.7 million pounds of copper, compared to the year-agofigures of 296,167 ounces of gold, 2.44 million ounces of silver and 26.7 millionpounds of copper.

Cost of sales fell to US$232.8 million from US$282.1 million,reflecting cost reduction initiatives implemented, lower silver and copper salesvolumes and the devaluation of foreign currencies in countries in which the companyoperates.

Exploration and evaluation expenses fell to US$3.1 million, downfrom US$5.4 million in the year-ago period, reflecting near-mine exploration toexpand mineral reserves and resources, and a lower emphasis on greenfields exploration.

Following net debt reduction of around US$286 million in 2015,the company reiterated plansto further cut debt by at least US$300 million between this year and 2017.

The company produced308,061 ounces of gold in the first quarter, up from 299,108 ounces in the year-agoperiod; 1.93 million ounces of silver, down from 2.48 million ounces; and 25.9 millionpounds of copper, down from 26.8 million pounds.

Yamana declared a second-quarter dividend of 0.5 cent per share,in line with the previous quarter but down from the year-ago 1.5 cents per share.