Past year: ▲ 11%(5.80 – 8.03 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Feb 2014resource reserve update● Neutral
Yamana filed a 6-K for a press release titled 'Yamana Announces Another Year of Mineral Resource Increases', dated February 18, 2014. Only the cover page and exhibit index are provided, so no figures are available; it presumably follows the year-end 2012 reserve and resource update (an inference from the title).
1 Aug 2013drilling progress report● Neutral
Yamana filed a 6-K cover page for a press release titled 'Yamana Gold Provides 2013 Exploration Update', subtitled 'Exploration continues to unlock value at existing operations'. The text provided contains only the cover sheet and exhibit index, with no drilling results, so nothing further can be said about what was found. It continues the 2013 exploration program but its content is not shown.
21 June 2013debt financing● NeutralMajor
Yamana filed a note purchase agreement dated June 10, 2013 for US$300 million of senior notes: US$35 million at 3.64% due 2018 and US$265 million at 4.78% due 2023, guaranteed by subsidiaries. This is a second private placement of senior notes after the US$500 million agreement of March 2012, adding to existing debt. The excerpt does not show what the proceeds will be used for (the agreement has a use-of-proceeds section that was truncated).
22 Feb 2013resource reserve update▲ GoodMajor
Yamana reported year-end 2012 reserves of 19.3 million gold-equivalent ounces, up 4% from 2011 and net of production, with measured and indicated resources up 15% to 15.6 million and inferred resources up 10% to 11.4 million. This follows the 2011 figures (18.6 million reserves); El Peñón reserves are 3.7 million ounces, Chapada's gold reserves rose 11% as part of Corpo Sul moved into reserves, and Jacobina's rose 21%. Gualcamayo reserves fell from production, and the company has started a milling-options evaluation expected in the first half of 2013. Prices used are unchanged (US$950 gold, US$20 silver, US$2.50 copper). The excerpt is truncated partway through the Mercedes section.
21 Feb 2013dividend declaration● Neutral
Yamana declared its first-quarter 2013 dividend of US$0.065 per share, payable April 11, 2013 to holders of record March 28, 2013, unchanged from the previous quarter. It also states total dividends paid in 2012 were US$168.2 million, up 68% from 2011.
2 Nov 2012dividend declaration● Neutral
Yamana declared its fourth-quarter 2012 dividend of US$0.065 per share, payable January 14, 2013 to holders of record December 31, 2012. This is the increased rate announced June 18, 2012, now being paid, with no further change.
22 Aug 2012business combination▲ GoodMajor
Yamana completed the acquisition of Extorre Gold Mines announced June 18, after Extorre shareholders approved it on August 15 and the court gave final approval on August 21, 2012. Yamana now owns Cerro Moro in Santa Cruz, Argentina, and plans to spend US$5 million over the next four months to upgrade resources, and to evaluate a 2015 start-up at 200,000 or more GEO a year, with a definitive plan expected by year-end. Those plans are management's targets, not decisions.
18 June 2012dividend declaration▲ Good
Yamana's board approved a US$0.04 increase in the annual dividend to US$0.26 per share, or US$0.065 per quarter from the third quarter of 2012. The company calls it an 18% rise from the second-quarter dividend and a 117% rise on a year earlier, and the fourth increase in 12 months. This confirms the US$0.055 second-quarter rate seen in May as part of the run of increases; the record date will be set on formal declaration.
18 June 2012business combination▲ GoodMajor
Yamana agreed to buy all of Extorre Gold Mines, whose main asset is the 95%-owned Cerro Moro gold-silver project in Santa Cruz, Argentina (about 1.36 million GEO indicated and 1.05 million GEO inferred resources). Extorre holders get C$4.26 per share (C$3.50 cash plus 0.0467 of a Yamana share), a deal value of about C$395 million net of cash, which Yamana puts at roughly 3% of its pro-forma market value. It is a new acquisition after the Viceroy, Northern Orion and Meridian share deals, and closing is expected in August 2012 subject to Extorre shareholder, court and regulatory approvals. New Yamana shares will be issued as part of the price.
5 June 2012drilling progress report▲ Good
Yamana gave a mid-year 2012 exploration update under a roughly US$125 million budget (390,000 metres of drilling at 16 projects, the upper end of the up-to-US$125M signalled in May 2011). Highlights are new veins and zones at El Peñón (Fortuna Este, Dorada West, and the Elizabeth vein at Pampa Augusta Victoria), mineralization about 2,500 m south of Corpo Sul at Chapada, a new Barrancas discovery at Mercedes, and new targets near Jordino at Pilar. These are drilling results, not reserves or resources; the company says Pampa Augusta Victoria is being fast tracked and could allow production above the 440,000 GEO sustainable level, which is management's view.
2 May 2012dividend declaration▲ Good
Yamana declared its second-quarter 2012 dividend of US$0.055 per share, payable July 13, 2012 to holders of record June 29, 2012. That is up from the US$0.05 quarterly rate set in November 2011; the release does not say the increase was a formal board decision or give the new annual rate.
30 Mar 2012debt financing● NeutralMajor
Yamana filed the note purchase agreement dated March 23, 2012 for US$500 million of new senior notes sold to a group of purchasers: US$75 million at 3.89% due 2018, US$85 million at 4.36% due 2020, US$200 million at 4.76% due 2022 and US$140 million at 4.91% due 2024. The notes are guaranteed by subsidiaries and the agreement sets covenants, including limits on liens and asset sales and financial ratio tests. This adds a new debt facility alongside the existing US$270 million of senior notes and the revolving credit facility. The excerpt does not show what the proceeds will be used for.
23 Feb 2012resource reserve update▲ GoodMajor
Yamana reported year-end 2011 proven and probable reserves of 18.6 million gold-equivalent ounces, up 11% from 16.6 million, net of 1.1 million ounces produced in 2011. Measured and indicated resources were replaced at 13.6 million ounces and inferred resources rose 39% to 10.3 million ounces, driven by the Chapada Corpo Sul discovery, Gualcamayo, Fazenda Brasileiro, C1 Santa Luz and extensions at Pilar, El Peñón and Mercedes. This follows through on the 2011 exploration program and mid-2011 drilling updates (Pampa Augusta Victoria, Corpo Sul), with El Peñón reserves up 20% to 3.5 million ounces and Fazenda Brasileiro noted as having only 2.5 years of known reserve life. Management says it expects 1.75 million ounces of production starting in 2014 and is evaluating Jeronimo as the next project. Figures are company estimates at assumed prices of US$950 gold, US$20 silver and US$2.50 copper. The excerpt is truncated partway through the project details.
3 Nov 2011dividend declaration▲ Good
Yamana raised its annual dividend to US$0.20 per share (US$0.05 per quarter), payable January 13, 2012 to holders of record December 30, 2011. The company calls it the second increase this year, following the May 2011 rise to US$0.18, and a 67% increase over the last 12 months.
1 Sept 2011joint venture update▲ GoodMajor
Yamana, Goldcorp and Xstrata Copper finalized a four-year option letting Minera Alumbrera (the joint venture Yamana owns 12.5% of) buy Yamana's 100% of the Agua Rica project in Argentina, with cumulative payments of US$110 million from Goldcorp and Xstrata Copper. Yamana has received US$20 million on signing, on top of US$10 million paid earlier; if the option is exercised it would get US$150 million on approval to proceed, US$50 million at commercial production, the remaining US$80 million of option payments, and a deferred payment tied to 65% of payable gold up to 2.3 million ounces. This resolves the open question of the Agua Rica partnership, which replaces Yamana's own plan to make a construction decision by end-2011. Minera Alumbrera took control of the project on August 31, 2011 and funds the feasibility study (Fluor, due early 2013); construction could start in 2013 only if the study is positive, the option is exercised and approvals are obtained.
4 Aug 2011dividend declaration▲ Good
Yamana declared its third-quarter 2011 dividend of US$0.045 per share, payable October 14, 2011 to holders of record September 30, 2011. This is the increased rate approved on May 10, 2011 (up 50% from US$0.03), so it carries out that earlier decision rather than changing anything.
23 June 2011drilling progress report▲ Good
Yamana gave a mid-year 2011 exploration update under its US$105 million budget (420,000 metres of drilling at 20 projects). Highlights are a near-surface, high-grade Victoria vein system at El Peñón's Pampa Augusta Victoria discovery (over 400 m along strike, 100 m down dip, still open), the new Corpo Sul copper-gold zone at Chapada, extensions at Pilar, higher-than-reserve grades at Jacobina's Canavieiras, and a new discovery, Arco Sul, near the closed Fazenda Nova mine. These are drilling results, not reserves or resources; Mercedes production is expected to start mid-2012.
11 May 2011dividend declaration▲ GoodMajor
Yamana raised its annual dividend 50%, to US$0.18 per share (US$0.045 per quarter) from US$0.12, starting with the third-quarter 2011 dividend. It also lifted its 2011 exploration budget to US$105 million from US$85 million (about 25%), saying as much as US$125 million could be allocated in 2012. This continues the dividend increases of 2010 (the company says it is over four-fold from US$0.01 per quarter at the start of 2010) and raises the earlier US$75-80 million-style exploration spending, with extra money aimed at Pilar, Mercedes, El Peñón and the Arco Sul project.
4 May 2011dividend declaration● Neutral
Yamana declared its second-quarter 2011 dividend of US$0.03 per share, payable July 14, 2011 to holders of record June 30, 2011. This is the same rate as the previous quarter, with no change.
1 Apr 2011resource reserve update● Neutral
Yamana filed an updated independent technical report (dated March 25, 2011) on the Gualcamayo project in San Juan, Argentina, covering the QDD Upper open pit, the Amelia Inés and Magdalena satellite deposits, and the QDD Lower West underground zone approved for construction in August 2010. The excerpt is truncated before the resource, reserve and economic tables, so no new figures are seen here. It documents the existing Gualcamayo plan rather than announcing a change.
1 Apr 2011resource reserve update● Neutral
Yamana filed an updated independent technical report (effective March 7, 2011) on the Chapada mine and the Suruca project in Goiás, Brazil. It covers Chapada and Suruca resources and reserves at December 31, 2010, an integrated mine schedule and economics. The excerpt shows only the table of contents, so no resource, reserve or economic figures are seen here. It builds on the Suruca discovery thread (hole SU-11, 2009-10).
1 Apr 2011resource reserve update● Neutral
Yamana filed an independent technical report on the El Peñón mine in Chile (Scott Wilson RPA, dated December 7, 2010). It states resources at December 31, 2009 of 8.47 million tonnes measured and indicated at 10.80 g/t gold and 306.4 g/t silver (2.94 million oz gold, 83.4 million oz silver) and 3.85 million tonnes inferred at 8.4 g/t gold (1.04 million oz). It also notes the Pampa Augusta Victoria discovery 30 km north (e.g. hole DAV0002: 6.0 m at 2.05 g/t gold and 1,405 g/t silver). The reserve figures are in the truncated part and are not seen here.
23 Mar 2011business combination● NeutralMajor
Yamana received 19,056,113 new Aura Minerals shares as partial payment under a March 4, 2011 letter agreement restructuring promissory notes and other amounts owed to Yamana by Aura, totalling US$64,247,114 plus deferred purchase price. The deemed price was C$3.83 per share. Yamana now holds 42,400,374 Aura shares (about 18.7%), up from 23,344,261. This follows the 2009 sale of San Andrés, São Francisco and São Vicente to Aura, in which Yamana kept a shareholding; the filing says Yamana has no current intention to buy more and will keep reviewing the holding.
25 Feb 2011dividend declaration● Neutral
Yamana declared its first-quarter 2011 dividend of US$0.03 per share, payable April 14, 2011 to holders of record March 31, 2011. This is the rate set in November 2010; there is no change.
4 Nov 2010dividend declaration▲ Good
Yamana raised its annualized dividend to US$0.12 per share (US$0.03 per quarter), payable January 14, 2011 to holders of record December 31, 2010, a 50% rise over the US$0.08 rate set in August. It also declared a special US$0.01 per share dividend, payable November 26, 2010 to holders of record November 12, 2010, to top up the third-quarter dividend. This is the third increase of the year, continuing the May and August increases.
5 Aug 2010production update▲ GoodMajor
Yamana decided to build the underground QDD Lower West ore body at Gualcamayo (Argentina) for about US$85 million, with production targeted from early 2013 instead of the originally planned 2015. It also decided to build Pilar (Brazil, 100% owned) for about US$180 million, with production targeted for mid-2013. This resolves the 2010 QDD Lower West feasibility-update thread and the Pilar thread. Gualcamayo reserves are now 2.48 million oz (up about 6%) and Pilar's first reserve is 1.14 million oz, lifting total company reserves by 7% to 18.7 million oz. Gualcamayo first-half 2010 output was 66,928 oz at a cash cost of US$434 per oz. Figures are company estimates.
5 Aug 2010dividend declaration▲ GoodMajor
Yamana raised its dividend again, to an annualized US$0.08 per share (US$0.02 per quarter), a 33% rise over the US$0.06 rate set in May and 100% over the 2009 rate. It applies to the third-quarter dividend payable October 14, 2010 to holders of record on September 30, 2010. It continues the stepwise increases that began in May.
5 May 2010dividend declaration▲ GoodMajor
Yamana raised its dividend by 50%, to an annualized US$0.06 per share (US$0.015 per quarter) from US$0.04, starting with the second-quarter dividend payable July 14, 2010 to holders of record on June 30, 2010. It says it will keep reviewing the dividend level as cash flows increase. This is the first increase since the quarterly US$0.01 payments set in 2009.
1 Apr 2010resource reserve update● Neutral
Yamana filed an updated independent technical report (Scott Wilson RPA, dated March 22, 2010) on the Pedro Valencia mine of Minera Florida in Chile, with data at December 31, 2009. It states measured and indicated resources of 4.70 million tonnes at about 6.38 g/t gold (960,000 oz, including reserves) and 2.75 million tonnes of inferred resources at about 6.1 g/t (540,000 oz), and the auditors found these NI 43-101 compliant and in acceptable agreement with their own check estimates. They recommend a minimum mining width and excluding some potentially unmineable remnant blocks in future estimates. The reserve figures fall in the truncated part, so they are not seen here. Recent drilling at Membrillo supports the exploration thread (e.g. 8.25 m at 3.79 g/t gold).
4 Mar 2010dividend declaration● Neutral
Yamana declared its first-quarter 2010 dividend of US$0.01 per share, payable April 14, 2010 to holders of record on March 31, 2010. The amount is unchanged from the previous quarterly payments.
