Yamana Gold (TSX: YRI) (NYSE: AUY) announced on Monday that is in advanced stages of its London Stock Exchange (LSE) listing.
The Toronto-based miner, which is currently listed on the TSX and on the NYSE, said that intends to become the ‘investment of choice’ in London for those looking for exposure to gold.
“The Company noted that the LSE currently has a limited number of sizeable pure-play gold producers with annual production of 1 million ounces or more”, Yamana said in a press release.
The company churned out 164,141 ounces of gold and about 2 million ounces of silver in the April-June period
Yamana’s portfolio includes the Canadian Malartic mine, the Jacobina mine in Brazil, the El Peñón mine and Minera Florida mine in Chile and Cerro Moro mine in Argentina.
In 2019, Yamana’s production platform was about one-million gold-equivalent ounces (GEOs) at all-in-sustaining costs below $980/GEO.
Last year, the company registered $1,612.2 million in revenue and net earnings of $225.6 million at an average gold price of $1,392 per ounce.
“Significant upside for gold equities remains, driven by recent events and the macroeconomic backdrop. As an Americas-focussed gold producer, with a first-class management team and Board, alongside a healthy dividend yield, Yamana offers a new, high-quality investment choice for the European investor looking for long-term exposure to gold.” said Peter Marrone, Executive Chairman of Yamana Gold.
2020
Yamana 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 company 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.
The miner 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.
Yamana’s stock on the NYSE traded at $5.76 per share, up 3.2% on Monday. The company has a $5.4 billion market capitalization.