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Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Yamana Gold (TSX: YRI)(NYSE: AUY) on Thursday updated its mid-year mineral reserve and mineral resource estimates for the Jacobina mine in Brazil. The mine, after depletion from production for the six-month period of 2019, is now estimated to contain proven and probable reserves of 2.28Moz gold, an 8.6% increase over year-end 2018.
In addition, mineral reserve grade increased by 2.6% to 2.4 g/t, representing a second straight year of reserve grade increase. From year-end 2017, overall reserve grade has increased by 5.3%.
The company has also provided an exploration update for Jacobina. The mine demonstrated strong growth in total contained and future potential ounces, Yamana said in a media statement.
Specifically, the Canavieiras and Morro do Vento areas have yielded “excellent” new drill intercepts, and are expected to continue providing new resources at higher than life-of-mine grades.
The João Belo Sur area has also demonstrated resource growth potential. It is situated immediately adjacent to the existing João Belo mine, historically the most important producer at Jacobina.
Earlier this summer, Yamana lifted its production guidance for Jacobina, which the company believes is on the cusp of becoming a “world-class” operation.
