Yamana Gold reports 2008 profit of US$434.8 million, revenue tops $1 billion

Growth - Value - Vision

Brazil, Argentina, Chile, Mexico - Yamana is targeting sustainable gold production of 2.2 M oz of gold by 2012.

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Yamana Gold reports 2008 profit of US$434.8 million, revenue tops $1 billion

posted on Mar 05, 2009 03:31AM

Wed Mar 4, 7:35 PM
The Canadian Press

By The Canadian Press

TORONTO - Yamana Gold Inc. (TSX: YRI.TO) said Wednesday it nearly tripled its profit in 2008 compared with the previous year as the gold miner reduced costs.

The Toronto-based company, which keeps its books in U.S. dollars, said Wednesday that it earned US$434.8 million or 62 cents per diluted share in 2008 compared with a profit of $157.2 million or 36 cents per diluted share in 2007.

Revenue for the year totalled $1.05 billion, up from $747.1 million.

"We began to experience declining costs during the fourth quarter, confirming the expected downward trend and further increasing our margin to the gold price," Yamana chairman and chief executive Peter Marrone said in a statement.

"In 2009, we will continue to focus on our core and principal mines which comprise the majority of our value and also intend to maintain our low cost advantage and maximize our cash position and cash flow."

In its outlook, the company said it has $420 million in cash and available credit to help fund growth.

The company hopes to increase annual production to two million gold equivalent ounces in 2012.