Canada’s Yamana Gold (TSX: YRI) (NYSE: AUY) had a better-than-expected second quarter this year across the board with production levels already exceeding the company’s revised guidance for the year.
The Toronto-based miner churned out 164,141 ounces of gold and about 2 million ounces of silver in the April-June period and said it continued to expect more production, improved costs and significant cash flows in the second half of 2020.
Yamana had adjusted output targets on April 30, to reflect the temporary suspension of its Canadian Malartic mine and Cerro Moro, in Argentina. Its current production forecast for 2020 sits at 786,000 ounces of gold and 10.25 million ounces of silver, down from its original guidance of 857,000 ounces of gold and 11.5 million ounces of silver.
Exceptional operational performances in the June quarter from Jacobina, in Brazil, El Peñón and Minera Florida, in Chile, as well as Canadian Malartic, have the company re-thinking plans.
For now, Yamana said it expected to mine 54% of its annual output in the last six months of the year.
It also noted that it continues to advance studies related to define and expand the underground mineral resources at Canadian Malartic, located in the Abitibi region of Quebec,