Yamana Gold

Yamana Gold Incorporated is a midrange, Toronto-based gold producer which operates mining properties in Central and South America. The company engages in the exploration, mining, and processing of gold, silver, and copper. As of 2007, the company processed about 0.4 million ounces of gold per year. The producer plans to expand its annual output to 2.2 million ounces by 2012. The company shares are listed under the symbol AUY at the New York Stock Exchange, under YRI at the Toronto Stock Exchange, and under YAU at the London Stock Exchange. Yamana Gold is a Tier I gold producer.

The company was established in 1980 under the name Yamana Resources Incorporated. In 2003, the gold producer changed its name to Yamana Gold Incorporated. The company purchased the Chapada Mine, Desert Sun Mining, and RNC Gold in 2003. In addition, Yamana Gold invested $4.8 billion in the acquisition of Meridian Gold and Northern Orion Resources.

The gold producer operates six major mining sites. The Brazilian open-pit mine Chapada is situated in the northern part of the Goias State. The operation is expected to produce between 0.14 and 0.155 million ounces of gold in 2009. El Penon is a high grade gold mine located southeast of the Chilean port Antofagasta. The site has a gold reserve of 1.9 million ounces and silver reserve of 69 million ounces. El Penon is expected to deliver up to 0.465 million ounces of gold by the end of the year. South of Santiago, the Minera Florida operation holds gold, silver, and zinc resources. The site is expected to reach an output of 0.12 million ounces of gold by 2010. Fazenda Brasileiro is a Brazilian underground operation located northwest of Salvador. The site holds a gold reserve of 0.253 million ounces. The Jacobina operation, near the Brazilian Serra de Jacobina Mountains, consists of underground mines and a processing facility. The site holds a gold reserve of 4.7 million ounces. The Gualcamayo mine, situated in the Argentinean province San Juan, will begin operation in 2009, producing about 0.2 million ounces of gold per year.

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