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Yamana Gold Inc - Toronto, Canada-based mining company - Swings to quarterly profit on larger gold and silver production.
In its second quarter to June 30, posts net earnings of $72.1 million versus a loss of $43.9 million a year ago. Turns to earnings per share of 7 US cents from a loss of 5 US cents. Revenue grows 11% to $485.6 million from $437.4 million, helped by an increase in gold and silver production.
Mine operating earnings surge 28% to $182.1 million from $142.3 million as gold and silver production increases. Produces 232,542 ounces of gold in the quarter, up 7.0% from 217,402 a year ago. Silver production grows 45% to 2.4 million from 1.6 million. Meanwhile, average realised gold price rises 2.8% to $1,869 per ounce from $1,817 while average realised silver price falls 15% to $22.25 from $25.96 per ounce.
Declares third quarter dividend of 3 US cents per share, unchanged from prior year.
Report comes one day after Yamana said it expects up to 28.66 grammes of gold per tonne at its Odyssey exploration in Canada.
Yamana Gold has a market capitalisation of $4.56 billion and is since May a target of a $6.7 billion takeover bid by Johannesburg-based Gold Fields Ltd.
Current stock price: 400.00 pence, up 2.6% on Friday
12-month change: up 26%
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