Canadian gold miner Yamana has reported strong third-quarter results from its operations, keeping the company on track to achieve its guidance for the year of one-million gold-equivalent ounces (GEOs).
The group’s third-quarter results were underpinned by “standout” performances from Canadian Malartic, Jacobina, El Penon and an “exceptional” quarter from Cerro Moro.
Yamana reported GEO production of 256 464, including 255 556 oz of gold and 2.27-million ounces of silver. This was the second highest all-time GEO production total for Yamana mines, on the back of a solid gold performance. Record-breaking GEO production is forecast for the fourth quarter, as gold output is expected to reach an all-time quarterly high.
The mining company posted net earnings of $27-million, or $0.03 a share, and adjusted net earnings of $69.7-million, or $0.07 a share. In the prior-year period, Yamana posted net earnings of $55.6-million, or $0.06 a share.
Revenue increased to $452.2-million, from $439.4-million a year earlier. The company reported revenue for each ounce of gold sold of $1 789/oz, while revenue for each ounce of silver remained steady at $24.23/oz.