TORONTO, Oct 6 (Reuters) - Yamana Gold said on Tuesday its third-quarter production rose 9 percent from the previous quarter, while costs remained in line with previous expectations.
The Canadian gold miner produced 314,200 gold equivalent ounces -- a measure that converts silver production to an equivalent gold value -- in the three months ended June 30.
Higher output was driven mainly by Yamana's El Penon mine in Chile, which enjoyed higher metal grades, and the Gualcamayo mine in Argentina, which reached commercial production in July.
El Penon produced 108,800 ounces, up 18 percent from the second quarter, while production at Gualcamayo rose 61 percent to 39,200 ounces from the second quarter, when it was in preliminary production.
Cash costs for Yamana's core mines were in line with annual guidance of a range $345 to $375 an ounce, the company said. Costs at Gualcamayo were below $350 an ounce, well below previous guidance for the mine of below $450 an ounce, the company said.
Toronto-based Yamana operates mines in Mexico, Honduras and throughout South America, and expects to produce about 1.1 million ounces this year.
The company's shares rose 5.5 percent, or 62 Canadian cents at C$11.82 on the Toronto Stock Exchange, slightly outperforming other Toronto-listed gold miners on a day gold prices hit a record high above $1,040 an ounce.
Yamana was also one of two major gold players attracting notable option activity on Tuesday, with calls (positive bets) far outpacing puts.
($1=$1.06 Canadian)
(Reporting by Cameron French; Editing by Frank McGurty) Keywords: YAMANA/ (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Canadian gold miner produced 314,200 gold equivalent ounces -- a measure that converts silver production to an equivalent gold value -- in the three months ended June 30.
Higher output was driven mainly by Yamana's El Penon mine in Chile, which enjoyed higher metal grades, and the Gualcamayo mine in Argentina, which reached commercial production in July.
El Penon produced 108,800 ounces, up 18 percent from the second quarter, while production at Gualcamayo rose 61 percent to 39,200 ounces from the second quarter, when it was in preliminary production.
Cash costs for Yamana's core mines were in line with annual guidance of a range $345 to $375 an ounce, the company said. Costs at Gualcamayo were below $350 an ounce, well below previous guidance for the mine of below $450 an ounce, the company said.
Toronto-based Yamana operates mines in Mexico, Honduras and throughout South America, and expects to produce about 1.1 million ounces this year.
The company's shares rose 5.5 percent, or 62 Canadian cents at C$11.82 on the Toronto Stock Exchange, slightly outperforming other Toronto-listed gold miners on a day gold prices hit a record high above $1,040 an ounce.
Yamana was also one of two major gold players attracting notable option activity on Tuesday, with calls (positive bets) far outpacing puts.
($1=$1.06 Canadian)
(Reporting by Cameron French; Editing by Frank McGurty) Keywords: YAMANA/ (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.