Yamana Gold Posts Adjusted First-Quarter Profit
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(Kitco News) - Yamana Gold Inc. (TSX: YRI; NYSE: AUY) late Wednesday reported an adjusted net profit of $24 million, or 2 cents per share, in the first quarter, with higher gold and silver output than the same period a year ago.
The net loss was $4.1 million, or zero cents per share. This is well down from $160.1 million, or 17 cents, in the same quarter a year ago, when there was a large charge related to the carrying value of the company’s interest in Brio Gold.
Yamana produced 271,987 gold-equivalent ounces in the first quarter, with officials reporting a strong performance at all operations, including year-on-year production increases of 12% at Jacobina and 6% at Minera Florida. Gold production was 235,958 ounces, up from 199,555 in the same quarter of 2018. Silver output jumped to 3.02 million ounces from 899,261. Yamana also produced 28.1 million pounds of copper.
All-in sustaining costs were $865 per gold-equivalent ounce after by-product credits, up from $840 a year ago. Yamana said the gold-equivalent ounces topped expectations, while costs were in line with guidance.
Yamana said it expects its financial position is to improve over the year due to expected operating results, the sale of unrefined gold and silver carried over from both 2018 and the first quarter of 2019, and the expected receipt of $800 million in cash from the recently announced sale of the Chapada mine.
Yamana fetched an average of $1,301 for each ounce of gold, down from $1,328 in the year-ago period. The silver price fell to $15.52 from $16.93, while the copper price eased to $2.91 from $3.13.
Yamana declared a second-quarter dividend of $0.005 per share payable to shareholders of record as of June 28. The payment will be disbursed on July 12, Yamana said.