You can use your smart phone to browse stories in the comfort of your hand. Simply browse this site on your smart phone.

    Using an RSS Reader you can access most recent stories and other feeds posted on this network.

    SNetwork Recent Stories

Yamana Gold Announces Fourth Quarter and Full Year 2016 Results

by pmnationtalk on February 17, 201784 Views

TORONTO, ONTARIO–(Feb. 16, 2017) – YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) (“Yamana” or “the Company”) is herein reporting its financial and operational results for the fourth quarter and full year 2016, and its Mineral Reserve and Mineral Resource estimate for the year ended December 31, 2016. Full year 2016 results include total gold production of 1.27 million ounces, revenue of $1.79 billion, net loss(1) of $290.8 million or $0.31 per share, and adjusted earnings(1,2) of $43.3 million or $0.05 per share. Additional highlights are provided below.

FULL YEAR OPERATIONAL HIGHLIGHTS

  • Total gold production of 1.27 million ounces (including nine months of production from Mercedes).
  • Total silver production of 7.0 million ounces (including nine months of production from Mercedes).
  • Total copper production of 115.5 million pounds.
Metals from
continuing operations
Gold
(oz.)
Silver
(M oz.)
Copper
(M lbs.)
Produced 1,198,741 6.71 115.5
Sold 1,188,267 6.60 104.9
Costs from
continuing operations
Gold
(/oz.)
Silver
(/oz.)
Copper
(/lbs.)
Total cost of sales per unit sold $1,008 $13.79 $1.93
Co-product cash costs(2) per unit produced $665 $8.96 $1.58
Co-product AISC(2) per unit produced $911 $12.65 $2.03

FULL YEAR 2016 FINANCIAL HIGHLIGHTS

  • Revenue of $1.79 billion, an increase of $67.1 million compared to 2015 due to higher realized gold and silver prices, partly offset by lower silver and copper production and lower realized copper price.
  • Net loss(1) of $290.8 million or $0.31 per share, compared to a net loss of $1.7 billion or $1.80 per share in 2015.
  • Adjusted earnings(1,2) of $43.3 million or $0.05 per share, compared to an adjusted loss of $64.5 million or $0.08 per share in 2015.
  • Cash flows from operating activities after net change in working capital of $651.9 million, an increase of $137.9 million compared to 2015.
  • Cash flows from operating activities before net change in working capital(2) of $626.6 million, compared to $654.8 million in 2015. The current year cash flows include a $64 million advance payment received on metal purchase agreements compared to $148 million in the prior year. Excluding these advance payments cash flow from operating activities before net change in working capital increased by nearly $56 million.
  • Net free cash flow(2) of $211.2 million, an increase of $173.8 million compared to 2015.

(All amounts are expressed in United States dollars unless otherwise indicated.)

  1. From continuing operations.
  2. to a non-GAAP financial measure or an additional line item or subtotal in financial statements. Reconciliations for all non-GAAP financial measures are available at www.yamana.com/Q42016 and in Section 14 of the Company’s fourth quarter 2016 Management’s Discussion & Analysis, which has been filed on SEDAR.

FOURTH QUARTER OPERATIONAL HIGHLIGHTS

Metals from continuing operations Gold (oz.) Silver (M oz.) Copper (M lbs.)
Produced 319,265 1.63 36.9
Sold 324,197 1.62 34.2
Costs from continuing operations Gold (/oz.) Silver (/oz.) Copper (/lbs.)
Total cost of sales per unit sold $1,004 $15.58 $1.80
Co-product cash costs(2) per unit produced $667 $10.07 $1.44
Co-product AISC(2) per unit produced $928 $14.48 $1.80

FOURTH QUARTER 2016 FINANCIAL HIGHLIGHTS

  • Revenue of $484.4 million, an increase of $45.3 million compared to the fourth quarter of 2015 due higher metal prices, partly offset by lower copper sales.
  • Net loss(1) of $355.4 million or $0.38 per share, compared to a net loss of $1.4 billion or $1.53 per share in the fourth quarter of 2015.
  • Adjusted earnings(1,2) of $6.7 million or $0.01 per share, compared to an adjusted loss of $6.4 million or $0.01 per share in the fourth quarter of 2015.
  • Cash flows from operating activities after net change in working capital of $163.0 million, compared to $296.8 million in the fourth quarter of 2015.
  • Cash flows from operating activities before net change in working capital(2) of $147.7 million, compared to $294.3 million in the fourth quarter of 2015. There was no advance payment received on metal purchase agreements for the fourth quarter of 2016, compared to $148 million in the fourth quarter of 2015.
  • Net free cash flow(2) of $55.2 million, compared to $56.7 million in the fourth quarter of 2015.

Read More

NT3

Send To Friend Email Print Story

Comments are closed.

NationTalk Partners & Sponsors Learn More