YAMANA GOLD $17.14 - Toronto symbol YRI

YAMANA GOLD $17.14 (Toronto symbol YRI; TSINetwork Rating: Speculative) (416- 815-0220; www.yamana.com; Shares outstanding: 752.0 million; Market cap: $12.9 billion; Dividend yield: 1.5%) saw its production rise 9% in 2012, to a record 1.2 million gold-equivalent ounces (including silver and copper) from 2011.

The company now forecasts production of 1.44 million to 1.6 million ounces in 2013, up 20% from 2012. Most of the increase will come from the expansion of its Minera Florida mine and production from three new Brazilian projects: Ernesto/Pau-a-Pique, C1 Santa Luz and Pilar.

As the company starts up more mines, its output will keep increasing: in 2014, its production should rise about 33% from 2012, to between 1.6 million and 1.77 million ounces.

Yamana Gold is still a buy.

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