UPDATE: Yamana Provides 2011 Operating Results, Outlook for 2012-2014; Shares up 5% at Midday
YAMANA GOLD INC. (YRI.TO) is up almost 5% at midday, with more than 6.5 million shares changing hands.
The share price hit a high of $16.44 this morning.
Yamana provided operational results for the full year 2011 and updated the company's outlook for 2012-2014. 2011 operational highlights include: 1.10 million gold equivalent ounces ( GEO ) of total production for 2011, an increase of 5% from 2010 and within previously provided guidance; cash costs for the full year 2011 were approximately $50 per GEO after by-product credits, significantly less than previously stated guidance of less than $250 per GEO.
Outlook highlights include: 2012 production is expected to be in the range of 1.2-1.3 million GEO, an increase of 13% versus 2011 levels; 2013 production is expected to be in the range of 1.5-1.7 million GEO, an increase of approximately 43% versus 2011 levels; 2014 production is targeted at a sustainable level of approximately 1.75 million GEO.
"In 2011, we continued to focus on delivering strong operating results leading to the generation of significant cash flow. This cash flow has allowed us to fully fund our growth, reward shareholders through increased dividends and accelerate capital spending to enhance our production growth profile. In the coming year, our focus on strong operating results leading to expected increases in cash flow will continue," said Peter Marrone, Chairman and CEO. "We are now looking beyond 2014 with an initial 1.75 million plus GEO sustainable production level. We are advancing projects to fill the project pipeline and to continue growth beyond what is already contemplated."