Yamana Gold (YRI.TSX, NYSE:AUY) released its third quarter earnings results after yesterday’s market close, and investors responded favorably to the news on Tuesday. While U.S. markets were closed due to Hurricane Sandy, shares of YRI.TSX in Canada climbed as much as C$0.38, or 2.0%, to C$19.14.
The large-cap gold mining company achieved record quarterly production of 310,490 gold equivalent ounces, 11% above the third quarter of 2011. Cash costs were $201 per gold equivalent ounce, while revenue rose to a record $612 million.
Yamana’s adjusted earnings per share came in at $0.24, below the $0.26 figure from the prior year period but above the $0.23 consensus estimate among Wall Street analysts.
(For more on earnings from Yamana and many other gold miners, visit GoldAlert Pro at http://pro.goldalert.com )
During the quarter, Yamana also completed its C$413 million acquisition of Extorre Gold Mines and its Cerro Moro project – a high grade gold and silver deposit in the Santa Cruz province of Argentina.
Lastly, Yamana Gold reiterated its full-year 2012 production guidance of 1.715-1.310 million gold equivalent ounces at cash costs below $250 per ounce.
As for the gold sector as a whole, the S&P/TSX Global Gold Index – Canada’s leading gold stocks composite – remained higher by 0.5% at 340.32. Earlier this afternoon, gold futures closed the electronic session with a gain of $2.60, or 0.2%, at $1,711.20 per ounce.
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