Torontonian Yamana Gold (TSX: YRI, NYSE: AUY) anticipates gradually increasing its projected 2008 output of 1.05Moz gold equivalent to 1.45Moz in 2009, 1.51Moz in 2010, 1.65Moz in 2011 and some 2.14Moz by 2012, Jodi Peake, company VP public and investor relations, confirmed to BNamericas.
Previously, the miner expected equivalent production of 1.1Moz for 2008, 1.5M-1.6Moz next year, about 1.7Moz in 2010, nearly 1.9Moz in 2011 and over 2Moz in 2012, Peake and IR director Letitia Wong confirmed.
"We've always looked at production and cash flow hand-in-hand, and particularly in the midst of the current financial events happening globally our plan is to always compliment growth with increases in cash flow and cash reserve. The ounces will still be produced, just over a more sustainable longer term," Peake said.
Cash costs are expected to average US$380-410/oz gold equivalent in 2008, US$335-370/oz in 2009 and US$355-385/oz in 2010, according to a company presentation.
Yamana's growth pipeline until 2012, entirely of gold projects includes, the C1 Santa Luz project in Brazil and Mercedes in Mexico slated to come on stream in 2011, and also the Ernesto Pau Pique and Pilar De Goias operations in Brazil expected to start output in 2012.
"That is our current focus - to grow organically. What we're focusing on is organic growth, sustainability and cost containment," Peake added.
Yamana expects to produce 142Mlb (64,410t) copper in 2008, 149Mlb in 2009 and 160Mlb in 2010, all coming from the Chapada gold-copper mine in Brazil. For 2009 Yamana has hedged 65Mlb copper production at US$2.98/lb, and 36Mlb at US$2.68/lb for 2010.
Yamana has producing gold assets in Brazil, Chile, Argentina and Honduras.
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