Peter Marrone, the Chairman/CEO of Yamana Gold Inc. (AUY), said the company’s focus is on cash flow and operational optimization at its key assets, noting that while production growth is important, it can’t come at the expense of costs and cash flow.
The Canadian gold producer has gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Canada.
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Yamana has eight key operating ventures, including Cerro Moro, Jacobina, Minera Florida, Canadian Malartic, Gualcamayo, Mercedes, Chapada, and El Penon. Marrone said a focus on optimizations at them are expected to contribute to the majority of production and cash flow increases for the overall company, with Canadian Malartic expected to make a significant contribution, Marrone said. The management focus on so-called “cornerstone” operations will provide a balanced approach to growth, he said.
“The integration of Canadian Malartic into our portfolio and the expected continued performance from our cornerstone operations has us well positioned to deliver significant value to shareholders as we maximize cash flow and ultimately free cash flow,” Marrone said.
Marrone also noted that Yamana Gold has recently delivered an updated Cerro Moro Feasibility Study, completed its acquisition of Osisko, and experienced a 30% quarter over quarter production increase at several key assets.
Marrone said the company has obtained two investment grade ratings and BB+ with a positive outlook. It has also issued $500 million US in senior debt, with proceeds repaying a term loan used to finance a cash portion of an acquisition.
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