New mine spurs outlook

Article Excerpt

YAMANA GOLD $3.74 (Toronto symbol YRI; TSINetwork Rating: Speculative) (416-815-0220; www. yamana.com; Shares outstanding: 948.9 million; Market cap: $3.6 billion; Dividend yield: 0.7%) has started up production at its sixth mine—the Cerro Moro gold/silver mine in Argentina. The site uses a combination of open-pit and underground mining. The company expects Cerro Moro to produce 85,000 ounces of gold and 3.75 million ounces of silver this year. That will rise to 125,000 ounces of gold and six million ounces of silver in 2019. Yearly output then rises to 130,000 ounces of gold and seven million ounces of silver by 2020. Yamana is now forecast to produce 1.01 million ounces of gold this year. Cash flow per share should be $0.64 U.S. for 2018, with shares trading at just 4.4 times that estimate. Yamana Gold is a buy. buy…

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