TORONTO (miningweekly.com) – Toronto-based Yamana Gold plans to focus on internal growth opportunities, with any acquisitive activity limited to increasing its holdings around existing projects and prospects, CEO Peter Marrone said on Wednesday.

“We are not in the game – at least for the foreseeable future – of the acquisition of companies,” he said in a presentation at the Denver Gold Forum.

“We would rather grow organically, it is what we know and what we plan to do.”

For the next year, and likely the next two years, the company will pursue organic growth, Marrone said, although he added that this includes “on the ground” purchases of claims or property surrounding its current assets.

Yamana had record monthly production in August, of 105 000 oz of gold equivalent (includes silver), plus just under 13-million pounds of copper, he reported.

The company produced 561 000 oz of gold equivalent in the first half of 2009 and is targeting 640 000 ounces in the second half.

Yamana, which bought rival Meridian Gold and the smaller Northern Orion Resources in October 2007, agreed in June this year to sell three noncore operating mines - San Andres, in Honduras, and the Sao Francisco and Sao Vicente mines in Brazil, to Canadian junior Aura Minerals.

The company has producing mines in Brazil, Chile and Argentina and is studying or starting up new operations in all three countries, as well as Mexico.

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