YAMANA GOLD $14.52 (Toronto symbol YRI; TSINetwork Rating: Speculative) (416-815-0220; www.yamana.com; Shares outstanding: 746.2 million; Market cap: $10.8 billion; Dividend yield: 1.3%) owns seven 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 three other properties in advanced stages of development.
In the three months ended September 30, 2011, Yamana’s revenue rose 22.3%, to $555.2 million from $454.0 million a year earlier (all figures except share price and market cap in U.S. dollars). Cash flow per share rose 57.1%, to $0.44 from $0.28.
The company raised its production by 4.4% during the quarter, to 279,274 ounces of gold from 267,409 a year earlier. As well, record-high gold prices pushed up Yamana’s selling price for gold by 37.4%.
The company holds a high cash balance of $570.5 million, or $0.76 a share. Its $430.9 million of debt is just 4.0% of its market cap. Thanks to the improved results, Yamana raised its dividend by 11.1% with the January 2012 payment, to $0.20 from $0.18. The shares now yield 1.3%.
Yamana likely produced 1.04 million to 1.14 million ounces of gold in 2011. By 2014, new mines at its Mercedes project in Mexico and its three development properties should raise that to 1.7 million ounces.
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