Canadian Miner Reported Robust Gold Output in Q2

SEATTLE (Scrap Monster): Canadian miner Yamana Gold Inc. announced that it has completed the first phase of expansion of Jacobina gold mine in Brazil.

The optimization project, aimed at stabilizing throughput at a sustainable 6,500 tpd, was completed last month. The project exceeded projections, with the plant achieving average throughput of 6,853 tpd during the second quarter. The success of Phase-1 has prompted the company to assess whether the results could be further optimized with incremental improvements to throughput.

Also, the company is planning Phase-2 optimization, in which it aims to increase the throughput to 8,500 tpd. The detailed engineering for this phase is scheduled to commence in Q3, with feasibility study expected to be completed by mid-2021. In addition, the company is considering a proposal to install a backfill plant at the mine, aimed at reducing environmental footprints.

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Yamana Gold reported adjusted net earnings of $63.3 million or $0.07 per share basic and diluted in Q2 this year. Net earnings were nil per share basic and diluted. The quarterly cash flows from operating activities totalled $92.2 million. The company reported net free cash flow of $60.3 million during the quarter. Also, the net debt decreased by $101.1 million to $768 million as on 30^th June, 2020.