YAMANA GOLD $10.77 - Toronto symbol YRI

YAMANA GOLD $10.77 (Toronto symbol YRI; TSINetwork Rating: Speculative) (416-815-0220; www.- yamana.com; Shares outstanding: 753.3 million; Market cap: $8.1 billion; Dividend yield: 1.5%) owns eight operating gold mines in Mexico, Brazil, Chile and Argentina. It also holds a 12.5% stake in the Alumbrera copper/gold mine in Argentina and has a number of other properties in advanced stages of development.

In the three months ended December 31, 2013, Yamana’s revenue fell 33.2%, to $420.7 million from $629.5 million a year earlier (all figures except share price and market cap in U.S. dollars).

Gold production declined 6.0%, to 303,768 ounces from 322,990. Prices for gold, copper and silver also fell. (Copper and silver are significant by-products of the company’s gold mining.) Yamana’s cash flow per share declined 45.0%, to $0.22 from $0.40.

The company holds cash of $220.0 million, or $0.29 a share. Its $1.2 billion of debt is just 14.8% of its market cap. The stock yields 1.5%.

Yamana is now conducting a feasibility study on its advanced-stage Cerro Moro project in Argentina, which holds as much as 2.4 million ounces of gold. Yamana hopes to start up a mine as early as 2016.

The company will likely produce almost 1.4 million ounces of gold in 2014, up 16.7% from 1.2 million ounces in 2013.

Yamana Gold is still a buy.

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