VANCOUVER — Producer Yamana Gold (TSX: YRI; NYSE: AUY) has determined the best return on its exploration capital will be realized through brownfield initiatives at its existing operations. The company is in the midst of a $75 million program aimed at “unlocking value” via drilling aimed at unearthing “higher quality” ounces and boosting near term cash flow across its portfolio of producing assets.
On Oct. 2 Yamana updated investors on its exploration activities, and revealed preliminary production statistics for the third quarter wherein it reportedly produced 390,000 oz of gold equivalent at all-in sustaining cash costs within an annual guidance range of US$825 and US$875 per oz. The company enjoyed a 17% quarter-on-quarter increase in production on the back of its geographically diverse production portfolio that stretches throughout the Americas, including: Brazil, Chile, Argentina, Mexico and Canada.
Fourth quarter production is expected to increase further with increases coming mostly from the Chapada, El Penon, Canadian Malartic, Mercedes, Pilar and Jacobina operations. Overall, Yamana expects to produce in excess of 1.4 million oz of gold equivalent this year.
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