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Saturday, November 28, 2020

Yamana Gold Inc. (USA)(NYSE:AUY) Gathering Steam as New Mine Set to Open

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Yamana Gold Inc. (USA)(NYSE:AUY) is heading uphill and doing so quickly. Over a 30-day span, AUY is up +18%. Average volume over that time has been strong at 16.38M. Analysts across the board are increasing the price target for this diversified gold producer as its operating numbers exceeded expectation for 2017. AUY and the rest of the mining industry are coming out of some lean years. The positive is that cost-cutting and efficiency have strengthened balance sheets and cut the fat and now with numbers jumping up, and, not to mention, Cerro Morro – the company’s new mine in Argentina – nearing production, AUY should be on your radar.

In a report earlier this month, AUY presented results from their six mines. Full year production for both gold and copper exceeded the higher guidance levels set in October, which, for gold, was the second increase of the year. Original guidance set in February 2017 was for 920,000 ounces of gold, 4.74 million ounces of silver, and 120 million pounds of copper. But, the real tease in all this data is that the opening of Cerro Morro will only pile onto these numbers.

Yamana Gold Inc. (USA)(NYSE:AUY)  is a gold producer with gold production, gold development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. The Company’s segments include Chapada mine in Brazil; El Penon mine in Chile; Canadian Malartic mine in Canada; Gualcamayo mine in Argentina; Minera Florida mine in Chile; Jacobina mine in Brazil; Brio Gold Inc. (Brio Gold), and Corporate and other. The Company’s development projects include Cerro Moro, Argentina; Agua Rica, Argentina, and Gualcamayo, Argentina. Its exploration projects include Chapada, Brazil; El Penon, Chile; Gualcamayo, Argentina; Minera Florida, Chile; Jacobina, Brazil; Cerro Moro, Argentina; Canadian Malartic Corporation, Canada; Monument Bay, Canada; Brio Gold Exploration; Pilar, Brazil; Fazenda Brasileiro, Brazil; RDM, Brazil, and C1 Santa Luz, Brazil.

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Peter Marrone, AUY’s Chairman and Chief Executive Officer, remarked, “We are pleased with our strong operational performance. We have met and significantly exceeded production at low costs that are consistent with our costs guidance. We are also very pleased with the advancement of Cerro Moro, which is on schedule to begin operations in a few months. The copper advanced sales program is part of a series of steps we have undertaken, and continue to undertake, as part of a program begun several years ago, to definitively improve and settle our balance sheet and financial status, all in preparation of the start-up of Cerro Moro. We expect Cerro Moro to meaningfully increase our cash flows based on its planned strong production of precious metals at low costs, costs that are among the lowest in the industry. We are now well positioned with our six, and soon to be seven, producing mines along with a strong pipeline of advancing assets and opportunities.”

AUY also negotiated a copper advanced sales program for $125M for 40.3M pounds of copper delivered later in the year. The copper will come from the company’s Chapada mine and only represents about a third of planned production. This sale will allow them to push forward the Cerro Morro mine without adding any expenses or debt.

Yamana Gold Inc. (USA)(NYSE:AUY)  has a market cap of 3.38B with a float of 946.29M. AUY has total cash of 248.3M and should see an increase as their new mine opens up in Argentina. We will be writing updates as the company releases more financials next month. Sign-up for continuing coverage on shares of $AUY stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $AUY, either long or short, and we have not been compensated for this article.

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