TORONTO (miningweekly.com) – Canadian miner Yamana Gold has narrowed its loss for the third quarter to $115-million, or $0.12 a share, despite improved sales being more than offset by lower realised prices.

The company had recorded a net loss of $879.6-million, or $1 a share, in the third quarter of 2014.

Excluding special items, the Toronto-based miner widened its adjusted loss for the quarter ended September to $20.2-million, or $0.02 a share, compared with the adjusted loss of $1.3-million, or nil per share, for the comparable period in 2014, on par with analyst expectations.

Revenue of $448.9-million was 9% lower year-on-year, as increased gold and copper sales volumes were more than offset by a decline in metal prices.

Yamana had sold 317 859 oz of gold, 2.2-million ounces of silver and 29.1-million pounds of copper in the three months under review. This excluded attributable sales from Alumbrera, in Argentina, which was accounted for as an equity investment.

The average realised price of gold for the quarter was $1 122/oz, down 12% year-on-year, while the silver price was down 23% year-on-year at $14.88/oz. The average realised copper price was $2.85/lb, down 9% from the same quarter in 2014.

Gold output totalled 325 897 oz, a 9% increase over the June 2015 quarter, as core operations lifted production, including a 32% improvement at Jacobina, in Brazil; 17% at Gualcamayo, in Argentina; 12% at Canadian Malartic, in Quebec; 10% at Minera Florida, in Chile; 6% at Chapada, in Brazil; and 4% at Mercedes, in Mexico.

All-in sustaining costs (AISC) for the quarter fell 3% year-on-year to $841/oz.

For the full year, Yamana expected to produce about 1.3-million ounces of gold, but silver output was expected to come in below previous guidance of 9.5-million ounces, owing to lower-than-expected silver grades at the El Penon mine, in Chile.

Copper output was expected to exceed guidance at 120-million pounds.

Having gained about 35% in the past month, Yamana’s NYSE-listed equity on Friday traded down 1.5% at $2.27 apiece.