Yamana to list on London Stock Exchange

Yamana Gold (TSX: YRI; NYSE: AUY) is in the advanced stages of its London Stock Exchange (LSE) listing, the company says.

The Toronto-based miner, currently listed on the TSX and on the NYSE, said that it intends to become the “investment of choice” in London for those looking for exposure to gold.

“The LSE currently has a limited number of sizeable pure-play gold producers with annual production of 1 million ounces or more,” Yamana said in a press release.

Yamana’s portfolio includes the Canadian Malartic mine, the Jacobina mine in Brazil, the El Peñón mine and Minera Florida mine in Chile and the Cerro Moro mine in Argentina.

In 2019, Yamana’s production platform was about 1 million oz. gold-equivalent at all-in-sustaining costs (AISCs) below US$980 per oz. gold-equivalent.

Last year, the company registered net earnings of US$225.6 million at an average gold price of US$1,392 per ounce.

Peter Marrone, Yamana’s executive chairman, said in a news release that the current macroeconomic situation is favourable for gold equities and that Yamana is a good choice for investors.

“As an Americas-focussed gold producer, with a first-class management team and board, alongside a healthy dividend yield, Yamana offers a new, high-quality investment choice for the European investor looking for long-term exposure to gold,” he noted.

Yamana had a better-than-expected second quarter this year across, with production levels already exceeding the company’s revised guidance for the year.

The company churned out 164,141 oz. gold and about 2 million oz. silver in the April-June period, and said it continued to expect more production, improved costs and significant cash flows in the second half of 2020.

The miner had adjusted output targets on April 30 to reflect the temporary suspension of its Canadian Malartic and Cerro Moro mines. Its production forecast for 2020 sits at 786,000 oz. gold and 10.25 million oz. silver, down from its original guidance of 857,000 oz. gold and 11.5 million oa. silver.

The company has a US$5.4-billion market capitalization.

— This article first appeared in our sister publication, MINING.com.