Lower realised prices impact Yamana Gold’s Q3 earnings
TORONTO (miningweekly.com) – TSX- and NYSE-listed Yamana Gold on Tuesday announced that its third-quarter net earnings had slid 27.5% year-on-year, as earnings were impacted on by lower realised prices from the company's stake in the Alumbrera mine, in Argentina.
Yamana, which made the announcement after the market had closed, reported net earnings of $43.5-million, or $0.06 a share, compared with net earnings of $60-million, or $0.08 a share, for the same three months ended September 30, a year earlier.
Adjusted earnings totalled $69.5-million, or $0.09 a share, compared with $177.6-million, or $0.24 a share. Wall Street analysts had on average expected adjusted earnings of $0.08 a share on revenue of $484.96-million.
Revenues in the period totalled $456.7-million, down 20% year-on-year on $611.8-million.
Yamana sold 232 284 oz of gold, 2.2-million ounces of silver and 35.7-million pounds of copper, excluding Alumbrera, which was accounted for as an equity investment. This compared with sales, excluding Alumbrera, of 252 813 oz of gold, 2.2-million ounces of silver and 37.1-million pounds of copper.
The average realised gold price in the third quarter dipped 21% year-on-year to $1 332/oz against $1 680/oz in the same quarter of 2012, and the average realised copper price was down 12% at $3.13/lb. The average realised silver price was down 30% at $21.45/oz.
Co-product all-in sustaining cash costs were $888 a gold-equivalent ounce for the period.
The company’s cash and cash equivalents as at September 30, totalled $232.1-million.
Earnings from Alumbrera were lower owing to lower metal prices and lower sales volume of concentrate, gold and copper.
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