Canada’s Yamana Gold Inc. (TSX: YRI) (NYSE: AUY) said it poured Tuesday first gold and silver doré at its Cerro Moro mine, located in Argentina’s Santa Cruz province.
The Toronto-based miner, which began construction at Cerro Moro in 2015 and expects to finish building it this year, said ramp-up remained on track, with commercial production expected in the second quarter of the year.
Once at full tilt the mine is expected to yield 85,000 ounces of gold and 3.75 million ounces of silver this year.
The company expects most of Cerro Moro’s 2018 production in the second half of the year.
For 2019, Cerro Moro’s production should rise to 125,000 gold ounces and 6 million silver ounces. The additional output should help Yamana’s plans to ramp up gold production by 20% and its silver production by a whopping 200% next year.
Cerro Moro is a high-grade, low-cost gold and silver operation sourcing ore from a combination of underground and open-pit mining.
The company has other five mines in South America and one in its home country — the Canadian Malartic mine, which the company owns as part of a 50/50 joint venture (JV) with Agnico Eagle Mines.
The open-pit mine is one of Canada’s largest and boasts a low all-in sustaining cost (AISC) that was below the companywide average of $820 an ounce in 2017.
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