Yamana Gold Inc. (USA)(NYSE:AUY) reported its operational and financial report for the first quarter 2017, which comprise gold production of 257,533 ounces, net loss of $5.9 million and revenue of $403.5 million.
Full year production guidance and expectations for Yamana’s six mines surged to 940,000 ounces of gold from preliminary projection of 920,000 ounces of gold. The total gold production, including from company’s six producing mines and related gold manufacture from Brio Gold Inc. of 41,886 ounces.
Total silver and copper production in Q1 17 stood at 1.08 million ounces and 26.5 million pounds, respectively. The Canadian Malartic Extension assignment was approved by the Québec government in April. Optimizations at Chapada sustained to advance including, closure of commissioning of the advance control mechanism and underway commissioning of the cleaning track that is projected to be closed for Q4 2017.
Advancement of Cerro Moro continues on schedule and on budget, and is advancing towards mechanical closure by close of 2017 and production start-up in early 2018. In Q1 2017, the revenue came at $403.5 million while net loss was $5.9 million. Cash flows from operating plans after net change in working capital came at $51.3 million while before net change it stood at $117.2 million.
Effective this quarter, Yamana will discontinue the arrangement of adjusted earnings, and will showcase solely net earnings. Most of the items that led in the working capital modification between measures of cash flows are projected to reverse during the year, as year-end increase buildup recommences, operational VAT credits are collected and inventory is expended. The firm didn’t record positive net free cash flow in Q1 2017, although it anticipates net free cash flow to turn positive for the remainder of this year.
Over the years, Yamana has grown through different phases of strategic deals to upgrade its portfolio and trailing organic growth to increase cash flow and production.