South America-focused Yamana Gold (TSE:YRI) increased production and revenue targets for the third quarter, and rewarded shareholders with a 63% dividend increase. Toronto-based Yamana boosted production 4% to 279,274 gold-equivalent ounces (GEO) and brought in $555 million for the quarter — a 22% increase. Operating cash flow rose 57% to $330 million. The higher output came despite lower production at some of Yamana's mines in Brazil, Chile and Argentina. The best production figures came out of the El Peñón mine in Chile, which posted a 15% increase in GEO, and the Gualcamayo mine in Argentina, which marked a 17% improvement.
Yamana Gold Mining News
Yamana Gold reported record net earnings, up 178%, and record adjusted earnings, up 122%, for the second quarter of this year.
Yamana Gold today announced an arrangement, subject to formal documentation, with Xstrata Queensland Limited and Goldcorp Inc. that would see the ultimate integration of Agua Rica into Minera Alumbrera. Agua Rica is a 100% Yamana-owned, development-stage project in the province of Catamarca, Argentina and is located approximately 35 kilometres from the currently operating Alumbrera mine