Canadian miner Yamana Gold has significantly exceeded its fourth-quarter production guidance and also beat its full-year guidance, reporting standout performances at its core operations.
The company posted fourth-quarter production of 281 388 gold-equivalent ounces (GEOs), exceeding the guidance of 270 000 GEOs and full-year output of 1.01-million GEOs, compared with a guidance of one-million GEOs.
Full-year production comprised of 884 793 oz of gold and 9.17-million ounces of silver.
The Jacobina mine, in Brazil, also achieved record quarterly production of 48 228 oz of gold and record full-year production of 186 206 oz, beating the guidance of 175 000 oz.
El Peñón, in Chile, produced 67 901 GEOs during the quarter with a particularly strong month of December delivering 25 642 GEOs. As planned, operations entered higher-grade zones at the La Paloma and Pampa Campamento mining sectors, which contributed to the higher production results in the quarter. For the full year, production of 226 330 GEOs came in higher than the guidance of 222 000 GEOs.
Canadian Malartic, in Quebec, produced 88 933 ounces of gold (50% basis) during the fourth quarter, benefitting from higher grades and recoveries from ore in the Malartic pit as the operation continues to transition to the Barnat pit. Full-year production of 357 392 ounces of gold (50% basis) exceeded the guidance of 350 000 oz.
Meanwhile, work on a feasibility study for the MARA project in Catamarca, Argentina, is continuing and Yamana reports that results are expected in 2022.
Yamana owns 56.25% of the project, which has a proven and probable mineral reserve of 7.4-million ounces of gold and 11.7-billion pounds of copper. Newmont and Glencore own 25% and 18.75%, respectively, of the MARA project.
Yamana reports that it has received several proposals for its interest in MARA, but that, after consideration, the board has determined that any strategic initiatives will be considered closer to the completion of the feasibility study and application for permitting later this year.
MARA full feasibility study results and completion of the Environmental and Social Impact Assessment are expected in 2022.