BRAZIL - Toronto-based YAMANA GOLD expects to complete construction of its Chapada copper-gold project in Gois state ahead of schedule, according to company officials.
"We have accelerated our capital program at Chapada with a single objective: to complete construction ahead of schedule, which will allow production in late-2006," Yamana CEO Peter Marrone said in a conference call to discuss the company's second quarter results. The company said in its previous quarterly earnings report that production would start early-2007.
Yamana spent US$72 million on Chapada during the first half of 2005 and plans another US$80 million over the second half, Marrone added. The project will cost US$183 million in total, which falls within the company's feasibility budget. The company has ordered all of the long lead-time items, including equipment for the fleet and mill, he said.
Completion of Yamana's So Francisco project in Mato Grosso state is a month behind schedule but within the September-November timeframe, Marrone said. Production is due to begin in the fourth quarter of 2005.
Information about all of Yamana's projects in Brazil is available at www.Yamana.com.
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