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Yamana more than replaces depletion in resources update

Yamana Gold has issued a positive resources ahead of releasing its production guidance and longer-term outlook.
Yamana more than replaces depletion in resources update Yamana more than replaces depletion in resources update Yamana more than replaces depletion in resources update Yamana more than replaces depletion in resources update Yamana more than replaces depletion in resources update

Yamana's El Penon mine in Chile

Petra Witowski

The company reported 13.7 million ounces of gold mineral reserves and 111Moz of silver mineral reserves as of December 31, 2021, in line with the previous year.

However, Yamana added that it had had great success in replacing depletion of mineral reserves in the past several years, which resulted in a very significant increase of minerals reserves and also extended mine lives.

Yamana said it had continued to replace gold mineral reserves at all of its wholly-owned operations by 130% of depletion. This included a 5% year-on-year increase above depletion at its Jacobina mine, as well as successful replacement at Cerro Moro and a fourth consecutive year of adding mineral reserves in excess of depletion at El Penon.

Meanwhile, ongoing exploration drilling at its Odyssey site saw 2.35Moz of indicated gold mineral resources and 13.15Moz of inferred gold mineral resources at year-end.

On February 8, Yamana Gold traded on the Toronto Stock Exchange at C$5.33/share, up 2.3% on the day. Its shares hovered above the $5 mark during the past month.

Yamana Gold is a Canadian-based precious metals producer with gold and silver production located across the Americas. It will release its production guidance and longer-term outlook, alongside fourth-quarter 2021 and full-year operational and financial results on February 17.