YAMANA GOLD $16.36 (Toronto symbol YRI; TSINetwork Rating: Speculative) (416-815-0220; www.yamana.com; Shares outstanding: 746.0 million; Market cap: $12.2 billion; Dividend yield: 1.3%) owns seven operating gold mines in Mexico, Brazil, Chile and Argentina. It also holds a 12.5% stake in the Alumbrera copper/gold mine in Argentina, and has three other properties in advanced stages of development.
In the quarter ended March 31, 2012, Yamana’s revenue rose 17.6%, to $559.7 million from $476.1 million a year earlier (all figures except share price and market cap in U.S. dollars). The company increased its production and benefited from higher gold prices. Earnings per share rose 19.0%, to $0.25 from $0.21.
Yamana held a high cash balance of $867.6 million, or $1.16 a share, on March 31. Its $766.0 million of debt is just 6.3% of its market cap. Thanks to the improved results, the company is raising its quarterly dividend by 18.2% with the July 2012 payment, to $0.065 from $0.055. The shares now yield 1.3%.
Yamana is now using some of its cash to buy Extorre Gold for $404 million U.S. Extorre owns the advanced- stage Cerro Moro project in Argentina, Cerro Moro holds as much as 2.4 million ounces of gold.
The purchase carries above-average risk, but Yamana is getting a bargain. That’s because Argentina recently nationalized the Argentine oil unit of Spanish energy firm Repsol, and investors are concerned about similar moves in the country’s mining industry. However, Yamana already operates one mine in Argentina, and feels its new investment will prosper.
The company will likely produce 1.2 million to 1.3 million ounces of gold in 2012. In 2013, it is starting up new mines at its Mercedes project in Mexico and its three development properties. That should raise its overall production to 1.5 million to 1.7 million ounces.
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