Yamana Gold (NYSE: AUY, TSE:YRI, LON:YAU) hailed record revenues and mine operating earnings on the back of increased production in 2012.
Fourth quarter revenue for the American gold, silver and copper producer of US$629.5mln was also a record, and took full year revenue up 11% to US$2.3bn from US$2.2bn.
Adjusted fourth quarter post-tax earnings came in at US$197.4mln, equivalent to 26 cents a share, a slight improvement on the 25 cents a share achieved a year earlier.
The average realised gold price per ounce in the fourth quarter of 2012 was US$1,692, up from $1,670 an ounce in the fourth quarter of 2011.
For the year as a whole, the average realised price was US$1,670 an ounce, up from US$1,567 an ounce in 2011.
The average realised silver price per ounce in the fourth quarter of 2012 was US$31.37, up from $31.29 an ounce in the fourth quarter of 2011.
For all of 2012, the average realised price was US$30.46 an ounce, up from US$35.19 an ounce in 2011.
“For 2012, we achieved record annual production, partially as a result of the first full year of production at Mercedes, expanded our mineral reserves, expanded our mineral resources most notably through the addition of Cerro Moro, and delivered strong financial results on behalf of shareholders,” said company CEO, Peter Marrone.
Shares in Yamana were up 2.6% to 957.1p in early trading.
