Rio Tinto names Shell’s Katie Jackson as new copper chief
Jackson, who is the current president of National Grid Ventures, an energy group, joins Rio Tinto on September 1.
Despite upbeat year end with a 29% increase in revenue over 2010, Yamana also took a $81 million non-cash impairment loss on investments in available-for-sale securities recorded in the quarter.
The company emphasized that the loss is non-recurring.
Adjusted earnings increased 59% to $713 million or 96 cents a share. Cash flow generated from operations increased 48% to $1.3 billion to $1.70 per share.
Closing the books on the year, Yamana said that gold production was 916,284 ounces, up from 864,768 ounces in 2010. Silver production was lower, 9.3 million ounces compared to 10 million ounces in 2010.
Production in 2012 is expected to be in the range of 1.2 to 1.3 million gold equivalent ounces. This will represent an increase from 2011 production of 13%, most of which will come from Mercedes as its production ramps up, as well as the Minera Florida expansion which will add to production starting in March 2012. C1 Santa Luz and Ernesto/Pau-a-Pique are also expected to start production by the end of 2012.
Production in 2013 is expected to increase by 43% from 2011 levels, to a range of 1.5 to 1.7 million GEO, most of which will come from a full year of production from C1 Santa Luz and Ernesto/Pau-a-Pique, and the start-up of Pilar and the Gualcamayo expansion.
Yamana Gold is a Canadian-based gold producer that began operations in 2003 with properties and mines in Brazil, Argentina, Chile, Mexico and Colombia.
