QUOTE AND NEWS
Forbes  Aug 18  Comment 
Consistently, one of the more popular stocks people enter into their stock options watchlist at Stock Options Channel is Yamana Gold, Inc. (NYSE: AUY). So this week we highlight one interesting put contract, and one interesting call contract, from...
DailyFinance  Aug 14  Comment 
TORONTO, ONTARIO -- (Marketwired) -- 08/14/14 -- YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or "the Company") has today announced the filing of a technical report in respect of the Canadian Malartic mine. Yamana and Agnico Eagle Mines Limited...
DailyFinance  Aug 13  Comment 
TORONTO, ONTARIO -- (Marketwired) -- 08/13/14 -- (All amounts are expressed in United States dollars unless otherwise indicated.) YAMANA GOLD INC. (TSX: YRI)(NYSE: AUY) ("Yamana" or "the Company") today announced updated mineral reserves and...
SeekingAlpha  Aug 12  Comment 
By Jeff Opdyke: Investing is all about exploiting opportunities. And some of the most interesting exploitation in the market today is happening in gold. Agnico Eagle Mines (NYSE:AEM), Yamana Gold (NYSE:AUY) and other miners are snapping gold...
SeekingAlpha  Aug 7  Comment 
ByHebba Investments: Introduction In our previous complete Q3FY13 cost analysis, we went over a number of the industry's all-in costs to mine an ounce of gold in 2013 and discussed one of the most important metrics to analyze the gold...
SeekingAlpha  Aug 7  Comment 
ByPrice Point: Yamana Gold (NYSE:AUY) is a high quality gold miner with low cost operations and good growth profile. Despite of Yamana's strong production and cash flow growth profile the company underperformed its peers in the first half of 2014....
TheStreet.com  Aug 6  Comment 
NEW YORK (TheStreet) -- Shares of Yamana Gold Inc. are up by 2.05% to $8.69 in late afternoon trading on Wednesday as gold stocks reacts positively to a 1.8% rise in the price of gold to $1,308.20 an ounce. Gold for December delivery increased...
TheStreet.com  Aug 5  Comment 
NEW YORK (TheStreet) -- Shares of Canadian gold producer Yamana Gold have risen 14% during the past three months, raising the question of whether they have more room to run. The stock, though, was off 7 cents to $8.43 on Tuesday morning, and...
DailyFinance  Aug 5  Comment 
VAL-D'OR, QUEBEC -- (Marketwired) -- 08/05/14 -- Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi Royalties" or the "Company") is pleased to announce that it has appointed Ian Ball as the Company's President effective August 5, 2014. In...
Forbes  Aug 4  Comment 
Consistently, one of the more popular stocks people enter into their stock options watchlist at Stock Options Channel is Yamana Gold, Inc. (NYSE: AUY). So this week we highlight one interesting put contract, and one interesting call contract, from...




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Yamana Gold Inc. (NYSE:AUY, TSE:YRI, LON:YAU) is a Canadian based gold producer with significant gold and copper-gold producing assets in the America's. There are seven operating mines in Brazil, Chile and the U.S., as well as gold development stage properties, exploration properties, and land positions throughout North and South America. There's also other exploratory activity in Mexico and Peru. In early 2011 there were 751.7 million common shares outstanding (fully diluted).

Yamana has targeted sustainable gold production of 1.7 million ounces of gold equivalent by 2014 (about 10-15% of that from silver, the gold to silver ratio is used to convert it); that's 55-60% higher than the estimates it has for 2011 and 2012 (new projects come on tap in 2013).[1] Yamana gold has been noted for its low PEG ratio (price/earnings)/(EPS annual projected growth), the PEG ratio is only useful when applied to companies with high annual earnings per share growth (usually mid cap companies that are not well established).[2]

Production

2013 forecast - 1.5-1.7 million ounces due to mines at Mercedes, Pilar, Jeronimo reaching commercial production. 2012 forecast - 1.3 million ounces

2011 production - reported by Yamana Gold on January 11, 2012. The company produced 1.1 million ounces of gold (22% higher than previously forecasted) on the back of higher output from El Penon (476,000 ounces) and Gualcamayo (up 18% on the year to 159,000 ounces). Chapada produced 11% more copper (166 million pounds) and that helped lower cash costs net of by products ($50/gold equivalent ounces much lower than the $250/oz previous estimate). Chapada (135,000 ounces) and Jacobina (122,000 ounces) also produced gold in line with expectations. The 9.3M oz of silver produced in 2011 is included in the 1.1M ounces as gold equivalent (916,284 oz is pure gold up from 864,768 in 2010).

2011 production forecast - 900,000 ounces for gold, 9 million ounces for silver, 150 million pounds for copper. In 2010 production for the fiscal year was: 1.05 million gold equivalent ounces (85-90% pure gold), 10 million ounces for silver, 149.4 million pounds for copper. At $442 per ounce cash costs are relatively low (industrywide was $585 in the 3rd quarter of 2010). For the next few years (until around 2013) no new mines are expected to begin operating however just after that the company has a few slated projects scheduled to begin producing (combined they could increase gold production by 60 - 80%). Annual GEO production increased 680% between 2006 and 2010 (147,000 to over 1 million).[1]

El Pinon, Chile - is the company's biggest mine in term of production; 2010 geo (gold equivalent ounces) was 428,000. 2011 production was 476,000 ounces up 11.2%.

Gualcamayo, Argentina - Opened in 2009, produced 135,000 ounces in 2010 compared to 98,600 ounces in 2009. Capacity upgrades affected production and cash costs in the 4th quarter of 2010 (increased cash costs year on year because ore was transported by truck rather than conveyor). 2011 production was 159,000 ounces up 17.8%.

Minera Florida, Chile - Earthquake affected production in 2010 (February) however 2010 production was 15% higher than in 2009. New high grade deposit was discovered in 2010.

Jacobina, Brazil - Mine optimization enabled production to rise 10% to 122,000 in 2010 (111,000 in 2009). 2011 production was steady at 122,000 ounces.

Chapada, Brazil - Yamana's source of all of its copper (149.4 million pounds) and less than 15% of gold production (135,600 ounces). 2011 copper production was 166 million ounces (up 11%) and gold production was 135,000 ounces.

Business and Financials

Although Yaman's financial metrics/balance sheet have shown solid, consistent annual growth for the last few years (2008-2011) stock performance has been lackluster, the result of slight exposure to risks in many different areas (currency risk associated with Brazilian operations, inflation, sovereign risk in Argentina, earthquakes in Chile (February 27, 2010) as well as inconsistent quarterly results.[3] By-product cash costs per gold equivalent ounce: 2010: US$50/oz. In December 2010 it had US$330 million in cash equivalents with another US$858 million in credit available; debt totalled $486 million, fourth quarter 2010 dividend was 3 cents per share. Operating cash flow recorded a record increase of 51% in 2010 (up to $747 million from 496 and 411 the 2 previous years). Capital expenditure was $531 million (2010), another $45 million went to debt and $48 million to dividend payments.

Revenue 2010: $1.687 billion (43% growth, 1.183 billion 2009), $535 million in the fourth quarter (34% yoy growth). Net income: $451 million (30.3% growth, $346 million in 2009).

Net income per share 2010 2010 : 61 cents (30% more than 2009), 22 cents in the fourth quarter.

2011 Data

End of 2011 cash and cash equivalents up 67% to $550M. [4] Cash margin $1517 per ounce gold gold.

2011 cash costs

$50 per gold equivalent ounce in 2011.[4] Chapada produced 11% more copper (166 million pounds) anthat helped lower cash costs net of by products ($50 per ounce of gold equivalent which is a lot lower than the $250/oz previous estimate).

References

  1. 1.0 1.1 Yamana Gold 2010 Annual Report (2011-02-23).
  2. Top 4 Mid-Cap Stocks In The Gold Industry With The Lowest PEG Ratio (IAG, HMY, AUY, EGO) (2011-04-11).
  3. The good and bad for Yamana Gold (2010-03-05).
  4. 4.0 4.1 Yamana Gold Announces Record Fourth Quarter & Year End 2011 Results (February 22, 2012).
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