Yamana Gold Inc. (AUY: Quote,YAU.L,YRI.TO: Quote) provided preliminary operational results for the fourth-quarter and the full year 2012, and updated the company's outlook for 2013 - 2015.
Production during the fourth-quarter 2012 reached a record level of 322,800 GEO, at costs consistent with guidance. For the full year ended December 31, 2012, total production for the Company was also a record of over 1.2 million GEO consisting of 1.02 million ounces of gold and 9 million ounces of silver.
Production in 2013 is expected to be in the range of 1.44 - 1.60 million GEO. This will be an increase of at least 20% over 2012 production, which is expected to be delivered through quarter over quarter growth and similar to 2012, production in the second half of 2013 will exceed production in the first half of the year.
Production in 2014 is expected to increase by at least 33% from 2012 levels to a range of 1.60 - 1.77 million GEO. This increase will be in part due to a full year of production from C1 Santa Luz, Ernesto/Pau-a-Pique and Pilar, the Gualcamayo expansion, and the Suruca oxide and Corpo Sul expansions at Chapada.
Silver production is expected to be consistent at between eight to nine million ounces in each of 2013 and 2014.
Planned production beginning in 2014 and continuing into 2015 is targeted at a sustainable level of 1.75 million GEO per year.
Expansionary capital spending for 2013 is expected to be $470 million.
Expansionary capital spending is expected to decline significantly in 2014 as the projects currently in development will be complete and there are currently no other projects for which positive construction decisions have been made.
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by RTT Staff Writer
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