Make Kitco Your Homepage

Yamana increases gold production 32% in Q2, ups dividend

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Yamana Gold (TSX:YRI) today reported strong cash flow and production during the second quarter underpinned by all-time quarterly high production at Jacobina and Canadian Malartic as well as standout quarters from Minera Florida and El Peñón.

The company said that its gold production in Q2 2021 was 217,402 ounces, a 32% increase over Q2 2020 (164,141 ounces), and silver production was 1.63 million ounces, which is 19% less than its silver output in Q2 2020 (2.01 million ounces).

Jacobina and Canadian Malartic production reached all-time quarterly highs, with total production of 47,503 and 92,106 ounces of gold, respectively. Minera Florida also had a standout quarter, producing 23,813 ounces of gold.

The company said that its earnings before taxes of $87.3 million increased significantly in relation to the comparative period earnings before taxes of $9.7 million. A non-cash accounting deferred income tax expense of $145.3 million has resulted in a net loss for accounting purposes of $43.9 million or $0.05 per share basic and diluted although no cash impact, the company added in a press-release.

Yamana has also announced that it is raising its annual dividend to $0.12 per share, representing a nearly 15% increase from the previous level and a cumulative increase of 500% from the second quarter of 2019.

Importantly, the company stressed out that it remains well positioned to achieve guidance for the year of 1,000,000 GEO, underpinned by strong momentum at Jacobina, Canadian Malartic and Minera Florida, as well as an anticipated strong second half of the year at El Peñón and Cerro Moro, as previously guided.

Yamana is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.