Yamana aims to broaden its appeal

Article Excerpt

YAMANA GOLD $8.29 (Toronto symbol YRI; TSINetwork Rating: Speculative) (www. yamana.com; Shares o/s: 951.7 million; Market cap: $7.9 billion; Dividend yield: 1.1%) lets you tap its five gold mines, in Canada, Brazil, Chile and Argentina. Yamana has announced that it is in the advanced stages of applying to list its shares on the London exchange’s Main Market. The stock is already listed on the New York exchange, as well as Toronto. Yamana believes that listing on the LSE, too, will improve its trading liquidity, as well as let it tap European investors if it wants to raise funds in a share issue. European investors are a largely untapped market these days for gold mining stocks. The LSE currently has a limited number of sizeable “pure-play” gold producers with annual production of one million ounces or more. That’s especially so after Randgold Resources delisted about a year and a half ago following the purchase of the firm by Barrick Gold. Like most gold stocks, Yamana’s shares are heavily influenced…

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