NEW YORK (Commodity Online): Canadian gold miner, Yamana Gold Inc (NYSE: AUY) posted a double digit revenue and margin growth for the third quarter ended September 30, 2009.
The company announced its financial results for the past quarter and nine months completed in September, where the total production from all mines of 314,707 gold equivalent ounces (GEO) and 875,763 GEO was recorded.
Pay low, earn more through Commodity Trading TipsThe average co-product cash costs from continuing operations excluding Alumbrera of USD 349 per GEO and USD 350 per GEO, respectively.
Revenues for the three-month period ended September 30, 2009 were $333.2 million, representing a 50 percent increase from the comparative quarter last year, and for the nine-month period ended were $783.5 million. Approximately 10,000 GEO were produced but not sold during the third quarter due to timing and will be sold during the fourth quarter.
Mine operating earnings for the three-month period ended September 30, 2009 were $136.4 million, representing a 138 percent increase from the comparative quarter last year, and for the nine-month period ended were $283.2 million.
Net earnings for the three-month period ended September 30, 2009 were $60.8 million, or $0.08 per share, and for the nine-month period ended were $156.5 million, or $0.21 per share. Net earnings and adjusted earnings were impacted by a deferred tax provision impacting only the third quarter of $0.03 per share that does not impact operating profit or future periods.
Adjusted earnings for the three-month period ended September 30, 2009 were $88.3 million, representing a 180 percent increase from the comparative quarter last year, or $0.12 per share. Adjusted earnings for the nine-month period ended were $248.4 million, or $0.34 per share.
Company’s stocks closed at USD 11.68 per share up by over 8% on Tuesday. The stock has appreciated by over 21% from USD 9.82 in the start of August 2009 to the recent levels.
"Yamana again achieved record quarterly production at industry low cash costs," said Yamana's chairman and chief executive officer, Peter Marrone. "We focused on our newest mine, Gualcamayo, this quarter, as we continue to put steps in place to optimize the mine. We declared commercial production on time and in its first full quarter of commercial production the mine is meeting our expectations and exceeding guidance. We also focused on our robust development stage and value enhancing projects this quarter such as Agua Rica as we continue with optimization studies and evaluating potential strategic partners."
Total production for all mines for the three-month period ended September 30, 2009 was 314,707 GEO (comprised of 261,789 ounces of gold and 2.9 million ounces of silver) representing a nine percent and 16 percent increase from the second quarter and first quarter of 2009, respectively. Total production for the nine-month period ended was 875,763 GEO (comprised of 736,369 ounces of gold and 7.7 million ounces of silver).
The Company continues to focus on exploration to grow the Company to over 1.7 million GEO of sustained production in the long-run by identifying and acquiring the best exploration properties in the Americas, developing.
