This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House



(Based on IFRS and in United States dollars unless otherwise specified)

TORONTO, May 3 /PRNewswire-FirstCall/ - YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:YAU) ("Yamana" or "the Company") today announced its financial and operating results for the first quarter of 2011.


    -   Production of 267,368 per gold equivalent ounce (GEO)(1)(3)at cash
        costs of $14/GEO(1)(2)
        -  Gold production of 221,489 ounces
        -  Silver production of 2.3 million ounces
        -  Generated cash margin of $1,373 per ounce(4)

    -   Significant financial and operational increases over the first
        quarter of 2010
        -  Production increased 11% to 267,368 GEO with record production
           from El Penon
        -  Revenues up 37% to $476 million
        -  Net earnings up 11% to $0.20 per share
        -  Adjusted earnings(1) up 110% to $0.21 per share
        -  Cash flow generated from operations(1) up 73% to $0.38 per share

    -   Cash balance increased to $460 million from $330 million, a 39%
        increase since 2010 year end

    -   Announced value enhancing deal with respect to Agua Rica with Xstrata
        and Goldcorp

"Yamana's first quarter results continued to demonstrate our commitment to, and focus on, the delivery of predictable and reliable production and costs. We delivered production growth in the first quarter and record production from El Penon. Our cash costs continued to be one of the lowest in the industry" commented Peter Marrone, Chairman and CEO. "We continue to advance our new projects, the first of which, Mercedes, is expected to start production by the middle of 2012. C1 Santa Luz and Ernesto Pau-a-Pique will begin contributing by the end of 2012 and Pilar is expected to be in production in early 2013. All of the projects can be fully funded directly from our cash flow. These projects will contribute to our 60% production growth expected in the next three years."

    (1) Refers to a non-GAAP measure. Reconciliations can be found at the end
        of this press release.
    (2) Cash costs are shown on a by-product basis including Alumbrera unless
        otherwise noted.
    (3) Gold equivalent ounces include silver production at a ratio of 50:1.
    (4) Cash margin is the difference from the average realized gold price
        received in the period less the by-product cash costs.

1 of 19

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs