Significant upside potential to grow production can be found in the reserves at development projects that contain 7.1 million oz. of gold, 57 million oz. of silver and 6.7 billion lb. of copper.
Here are the numbers for Yamana’s wholly-owned operations. At the Jacobina mine, 149,000 oz. gold were added to reserves, bringing contained ounces up to 2.9 million. The Cerro Moro gold-silver mine in Argentina replaced 101% of depletion, leaving 776,000 oz. of gold-equivalent in reserves. At the El Penon gold-silver mine in Chile, 242,000 oz. were mined and 255,000 oz. found, leaving reserves at 1.3 million gold-equivalent ounces. The Minera Florida gold mine in Chile, there was a 102% increase in contained ounces, leaving reserves at 430,000 oz. of gold.
In Quebec, the Wasamac gold project added 143,000 oz. of gold, bringing reserves to 1.9 million oz. The net increase in contained gold over five years was 45% in all reserve and resource categories, but no commercial mining took place at this advanced exploration project.
Also, in Quebec where Yamana owns 50% (Agnico Eagle Mines holds the other 50%) of the Canadian Malartic gold mine, contained ounces in reserves actually fell to 1.8 million oz. from 2.2 million oz. However, contained ounces in all categories continues to grow, showing a 58% net increase over five years. Yamana’s share of measured and indicated resources contains 14.9 million oz., and in the inferred resource is 6.6 million oz.
(This article first appeared in the Canadian Mining Journal)
