Friday, 7th January 2005 (2909 views)

Yamana Gold has predicted it will more than double production to around 400K oz by 2007

The mining company said it plans to more than double its production within the next two years as its cash costs decrease.

Yamana, a gold explorer and producer active in South America, said it expects to produce between 145,000 and 160,000 ounces of gold in 2005 at a cash cost of between $215 and $230 per ounce.

By 2007, the company expects production at its Brazilian mines to increase to between 375,000 and 400,000 ounces, costing between $170 US and $185 per ounce.

The company has also allocated about $14 million for exploration this year in Brazil.

Aside from Brazil, Yamana also holds gold exploration properties in Argentina and plans to target other gold consolidation opportunities elsewhere in Latin America.

Shares in Yamana (TSX:YRI) were unchanged Thursday on the Toronto stock market at $3.40.

 

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