Yamana Gold Inc. (NYSE: AUY) Reveals Strong Gains In 2Q 2018; Celebrates 15th Anniversary
Yamana Gold Inc. (NYSE: AUY) recently reported its financial results for 2Q 2018. The production of gold/ounce from the mines of the company for quarter was 240,271 that included 1.31 million ounces of silver and 224,083 ounces of gold. As per the report, Yamana mines overall produced 248,177 ounces of gold along with 31.1 million pounds copper.
Gold, silver and copper production to exceed in second half
The company’s selected properties including Canadian Malartic, Chapada, El Penon, and Jacobina together produced gold much more than expected. Rather, its property at Cerro Moro provided a favorable ramp-up that helped Yamana Gold exceed its previous produce of 900,000 ounces of gold through its mines. The production plan for Yamana’s another property Gualcamayo is a bit less than previous estimate. However, the company’s total gold production for this year including Gualcamayo is also expected to exceed the previous production.
The production of silver in the 2Q 2018 for Yamana Gold is stipulated to improve, especially with the production coming from Cerro Moro and higher silver grade producing mine El Penon. Even the estimate for copper production for the second half of this year is expected to exceed the previous guidance of 120 million pounds. In the last two years, the company has continuously improved its operational performance. Ever since 2016, Yamana Gold’s production platform has optimized and there has been an improvement in planning operations. The same will continue in the 2Q 2018.
Yamana Gold celebrates 15th anniversary
The Toronto-based Canadian company celebrated its 15th anniversary on 31 July 2018. Established in 2003, Yamana Gold entered public trading with Brazil’s Chapada project as a part of its initial portfolio. In five years, company focused on the development of project and started production at the site from 2007 onwards. Even today, Chapada provides a decent return and has around 20 years of life left. The company in these last 15 years has largely grown through strategic acquisitions for enhancing and diversifying its portfolio.
During its diversification process, Yamana Gold continued to pursue organic opportunities to enhance its portfolio further. According to the Chief Executive Officer and Chairman of Yamana Gold, Peter Marrone, ”In 2003, we had a vision to create a significant and dominant intermediate gold company that focused on high quality assets in more prominent and higher quality mining jurisdictions in North and South America mostly to deliver better value with lower risk.”