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Wednesday, 14th January 2009 (1834 views)

Yamana Gold has released its operating outlook for 2009 and 2010, predicting that production will increase by around 40 per cent this year.

The company also forecast that its cash costs will decline over the next two years, while gold production is expected to reach 1.3 million to 1.4 million gold equivalent ounces (GEO) this year and 1.4 million to 1.5 million GEO in 2010.

Gold production estimates show that Yamana's Gualcamayo mine is likely to produce 195-210,000 GEO in 2009 and 220-235,000 in 2010, while gold production at its El Penon property is expected to reach 435-465,000 GEO in 2009 and 460-480,000 GEO in 2010.

Plans for 2009 and 2010 from Yamana include the expansion of the Chapada prospect, development work at El Penon and initial work on QDD Lower West at Gualcamayo.

Peter Marrone, Yamana chairman and chief executive, explained: "We took time to better understand our assets and gather further information in 2008 and it positions us well beginning with 2009 both in terms of production and costs."

Canadian gold producer Yamana has a range of properties at various stages of development in Brazil, Argentina, Chile, Mexico and Central America.

 

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