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Friday, October 9, 2020 - 5:44:02 PM
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Mining News Pro - Canada’s Yamana Gold has been officially admitted on the London Stock Exchange, one of the world’s oldest markets, where it will begin trading its shares next week under the ticker AUY.
The precious metals miner said the listing will give European investors exposure to a pure-play senior gold producer with a portfolio of assets in mining-friendly jurisdictions in the Americas.
The Toronto-based company also said it was increasing full-year production guidance to 915,000 ounces of gold equivalent from its previous target of 890,000.
“While this represents a modest 3% improvement, it’s directionally positive and shows confidence in the fourth quarter,” BMO analyst Jackie Przybylowski said in a note to investors.
Exceptional operational performances in the June quarter from the company’s Jacobina mine in Brazil, El Peñón and Minera Florida, in Chile, as well as Canadian Malartic, prompted the company to re-think plans.
Yamana churned out of 201,772 ounces of gold and 3.04 million ounces of silver production in the three months to Sept. 30. Total gold equivalent production was 240,466 ounces.
The miner is also hiking its dividend by a further 50% to $0.105/share for the fourth quarter of the year. At the new rate, it said, the dividend would be 425% higher than it was just 18 months ago.
It also noted that it continues to advance studies related to define and expand the underground mineral resources at Canadian Malartic, located in the Abitibi region of Quebec, Canada.
Yamana’s stock on the NYSE was up more than 5% Thursday morning to $5.84. Shares in the company were also climbing in Toronto — 3.5% to C$7.62, giving the company a C$7.24 billion market capitalization.
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