Yamana Gold (TSX: YRI; NYSE: AUY) has been officially admitted on the London Stock Exchange, one of the world’s oldest markets, where it will begin trading its shares on Oct. 13 under the ticker AUY.
The precious metals miner said the listing will give European investors exposure to a pure-play senior gold producer with a portfolio of assets in mining-friendly jurisdictions in the Americas. The Toronto-based company also said it was increasing full-year production guidance to 915,000 oz. gold-equivalent from its previous target of 890,000.
“While this represents a modest 3% improvement, it’s directionally positive and shows confidence in the fourth quarter,” BMO analyst Jackie Przybylowski said in a note to investors.
Exceptional operational performances in the June quarter from the company’s Jacobina mine in Brazil, El Peñón and Minera Florida in Chile, as well as Canadian Malartic in Canada, prompted the company to rethink plans.
Yamana churned out 201,772 oz. gold and 3.04 million oz. silver in the three months to Sept. 30. Total gold equivalent production was 240,466 ounces.
The miner is also hiking its dividend by a further 50% to $0.105/share for the fourth quarter of the year. At the new rate, it said, the dividend would be 425% higher than it was just 18 months ago.
It also noted that it continues to advance studies related to define and expand the underground mineral resources at Canadian Malartic, located in Quebec’s Abitibi region.
Yamana’s stock on the NYSE was up more than 5% Thursday morning to US$5.84.
Shares in the company were also climbing in Toronto, 3.5% to $7.62, leaving it with a $7.24 billion market capitalization.
— This article first appeared in MINING.com, part of Glacier Resource Innovation Group.
Be the first to comment on "Yamana Gold to begin trading on the London Stock Exchange"