Yamana Gold meldet Ergebnisse für Q1/18
FIRST QUARTER HIGHLIGHTS - Gold equivalent ounce (“GEO”)(1) production from Yamana Mines(2) for the first quarter was 211,246, including 199,555 ounces of gold and 899,261 ounces of silver. Total attributable gold production(3) was 248,088 ounces of gold, including attributable production from Gualcamayo and Brio Gold Inc. ("Brio Gold"). The Company also produced 30.4 million pounds of copper.
- First quarter costs for Yamana Mines included AISC on a by-product basis (4) of $714 per GEO; cash costs on a by-product basis (4) of $454 per GEO; and total cost of sales of $1,037 per GEO. Refer to page 11 of this press release for additional information on costs by metal on a co-product and by-product basis.
- Gold production exceeded plan for the first quarter with mine site costs in line with or better than plan. The Company reiterates production and cost guidance for 2018, and continues to expect approximately 47 per cent of total gold production from Yamana Mines and 46 per cent of total copper production to be delivered in the first half of the year. This production weighting is before consideration for the Company’s newest mine, Cerro Moro, where first ore was fed to the mill on April 25, 2018. The start up is progressing well with milling rates and feed grades expected to ramp up through the second quarter with first doré expected in May. First quarter activities at Cerro Moro have positioned the operation to deliver on production expectations in 2018.
- Cerro Moro is expected to contribute meaningfully to Yamana’s planned growth at costs significantly below the Company’s current average cost structure. This is expected to lead to a step change in cash flows and free cash flows beginning in the second half of 2018.
- Net loss from operations for the three months ended March 31, 2018, was $160.6 million, with $160.1 million or $0.17 per share basic and diluted attributable to Yamana equityholders. A summary of certain non-cash and other items is included in the table on page 3 of this press release, the most notable of which is a $168.2 million ($174.0 million before tax) non-cash accounting carrying value reduction related to Company’s interest in Brio Gold.
- Adjusted cash flows from operating activities before net change in working capital(4) for the first quarter are $146.5 million. Cash flows from operating activities for the first quarter were $122.4 million and cash flows from operating activities before net change in working capital (4) were $206.4 million. This includes a $67.9 million payment to settle certain tax contingencies in Brazil and $127.8 million received from the Company’s copper advanced sales program, both of which were previously reported on February 15, 2018. Given the non-recurring nature of the tax payment and copper advance sales program, the Company believes adjusted cash flows more accurately represent the cash flows generated in the quarter.
- The balance sheet as at March 31, 2018, includes cash and cash equivalents of $129.3 million, and available credit (excluding Brio Gold) of $827.8 million, for total liquidity to the Company of approximately $1.0 billion. Net debt(4) decreased by $163.5 million from December 31, 2017, notwithstanding capital expenditures while Cerro Moro was in development. This results in an improved balance sheet coincident with the start up of Cerro Moro.
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