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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36588)	5/5/2009 6:52:20 PM
From: LoneClone	Read Replies (1) \| Respond to of 195402

UPDATE 1-Yamana profit rises on lower derivatives losses Tue May 5, 2009 5:16pm EDT reuters.com * EPS 12 cents/shr, up from 7 cents/shr * Gold output rises 15 pct to 271,482 oz * Costs per ounce rise to $379 from $371 (In U.S. dollars, unless noted) TORONTO, May 5 (Reuters) - Yamana Gold (YRI.TO) said on Tuesday its first-quarter profit rose 36.3 percent, as foreign exchange gains and fewer losses on copper derivatives offset lower revenues. The Canadian gold producer earned $86.0 million, or 12 cents a share, in the quarter ended March 31. That was up from a profit of $63.1 million, or 9 cents a share, in the year-before period. Analysts polled by Reuters Estimates had expected, on average, a profit of 7 cents a share, before exceptional items. Gold production rose 15 percent to 271,482 ounces, falling just short of the company's baseline expectation of 290,000 ounces. Costs per ounce rose to $379 from $371 in the year-before quarter All told, revenue fell 31 percent to $244.3 million due mainly to a 57 percent year-over-year drop in realized copper prices and a 29 percent fall in silver. However, the company took an unrealized loss on derivatives of $47.7 million, compared with $103.3 million in the year-before period. Yamana reaffirmed it expects to produce between 1.3 million and 1.4 million gold equivalent ounces in 2009 and between 1.4 million and 1.5 million in 2010. The company's longer-term goal is to produce 2 million ounces in 2012. (Reporting by Cameron French; editing by Rob Wilson)