Canadian Yamana Gold Inc. (TSX:YRI) (NYSE:AUY)(LSE:YAU) announced a $400 million acquisition Monday of Argentina-focused junior miner Extorre Gold Mines (AMEX:XG) (TSX:XG), which has an appealing gold-silver project in the South American country, while also saying it plans to boost its dividend by 18%.
Yamana Gold Mining News
YAMANA GOLD INC. (TSX:YRI) (NYSE:AUY) (LSE:YAU) ("Yamana" or "the Company") is pleased to announce that it has started operations at its Mercedes mine. The Mercedes mine, located in Sonora, Mexico, is Yamana's newest mine and represents the first of a number of new mines to begin production into 2013.
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 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