Canadian precious metals miner Yamana has exceeded its guidance for 2019, with production of 1.02-million gold equivalent ounces, boosted by a strong performance as the Jacobina and El Peñón mines.
Gold production of 900 339 oz exceeded the group’s guidance of 899 000 oz and silver production of 10.64-million ounces also outperformed the 10-million-ounce target for the year.
The Jacobina mine, in Brazil, posted record quarterly production of 41 774 oz of gold and a further record, all-time high full-year production of 159 499 oz – well above the revised guidance of 152 000 oz set in June last year and the original guidance of 145 000 oz.
El Peñón, in Chile, posted its highest quarterly and yearly production since rightsizing the operation in late 2016. Gold production for the quarter was 48 131 oz and the full year was 159 515 oz, also well above the guidance of 150 000 oz.
Canadian Malartic, in Quebec, produced 85 042 oz of gold (50% basis) during the quarter and 334 596 oz of gold (50% basis) for the year, in both cases in line with budget.
Minera Florida, in Chile, produced 20 080 oz of gold during the quarter, including more than 8 200 oz in a standout month of December, which represents 50% more ounces than the monthly average in the preceding eleven months, for a total of 73 617 oz of gold for the year.
“The company views the recent performance as indicative of sustainably higher production from Minera Florida during 2020 compared with the last two years,” Yamana said.
Cerro Moro, in Argentina, produced 26 568 oz of gold and 1.58-million ounces of silver during the quarter, with full-year gold production of 120 802 oz and full-year silver production of 6.32-million ounces.
Yamana said that linear development, which was delayed in the quarter, was expected to improve throughout this year.
Dual-listed Yamana performed well on the TSX and NYSE on Wednesday. In Toronto, its stock rose by nearly 4% to C$4.99 a share for a market capitalization of C$4.74-billion.