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Shares in Yamana Gold Inc. surged the most in two years on Friday, after the mid-tier gold company swept past analyst expectations in its latest quarter and sounded a bullish tone on future production.
The bump in Yamana’s shares, which closed up 9.1 per cent on the Toronto Stock Exchange on Friday, comes the day after heavy selling in senior producers Barrick Gold Corp., Goldcorp Inc. and Agnico Eagle Mines Ltd., all of which missed quarterly earnings estimates.
Yamana’s second-quarter adjusted profit came in at 5 cents a share, 3 cents better than analysts were expecting, thanks to higher production and lower costs. On a net basis, the Toronto-based miner earned US$18-million in profit.
Among Yamana’s best performing properties in the quarter were its Chapada mine in Brazil and Canadian Malartic in the Abitibi region of Quebec, which is one of Canada’s biggest-producing gold mines.
Yamana said it will likely exceed its 2018 production forecast of 900,000 ounces of gold, thanks in part to ramping up production at its new Cerro Moro mine in Argentina.
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