Gold News

Yamana Gold reports record sales

Yamana Gold has reported record quarterly sales of $183.7 million, which is an increase of 339 per cent compared to the same quarter a year before.

Mine operating earnings jumped even more markedly, by 829 per cent year-on-year to $106.7 million. This figure is 40 per cent higher than the first quarter of 2007 as well.

Total gold production at Yamana for the quarter was 115,843 ounces, and 236,450 for the year to date. At the Chapada mine, concentrate production was up by 13.2 per cent from the first quarter to 50,304 tonnes.

"During this quarter we realized major financial and operational milestones with revenue, earnings and cash flow that are multiples of prior quarters," said company chairman and chief executive Peter Marrone.

"Our high growth strategy through internal development, acquisitions and exploration is further demonstrating our commitment to providing value. We remain focused on these three legs to deliver further growth in production, profitability and cash flow."

Yamana has also offered to buy Meridian Gold, a move which it argues will greatly benefit Meridian's shareholders.


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