Yamana says Canadian Malartic gold mine exceeded post-COVID production targets

Yamana says Canadian Malartic gold mine exceeded post-COVID production targets
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TORONTO — Yamana Gold Inc. says the Canadian Malartic mine in Quebec has ramped up production more quickly than anticipated following a COVID-related shut-down.

The mine, one of North America’s largest gold producers, milled more than 60,000 tonnes per day of ore in both May and June, partially offsetting the down time and ramp-up in production that began April 15 after the province allowed work to resume.

Yamana estimates its total gold production for the second quarter was 164,141 ounces, including Canadian Malartic and its four South American mines. Silver production was estimated at about two million ounces.

Yamana says all of the mines exceeded planned production targets in the second quarter and it continues to expect more production, improved costs and significant cash flows in the second half of 2020.

The Toronto-based company has a 50 per cent ownership stake in Canadian Malartic, with the other half owned by Agnico Eagle Mines Ltd.

Yamana shares have gained about 30 per cent since mid-April, when Canadian Malartic began to resume operations. Agnico Eagle shares are about 29 per cent over the same period.

This report by The Canadian Press was first published July 13, 2020.

Companies in this story: (TSX:YRI, TSX:AEM)

The Canadian Press

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