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Yamana Gold loses lustre with Q3 earnings; reports net loss of $81 million

The gold miner reported a net loss of US$81.3 million compared with a net profit of US$45.7 million, a year earlier

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The company also announced Thursday that it plans to sell 100% of its interest in the Gualcamayo mine, located in San Juan province, Argentina, to Mineros SA

South America-focused Yamana Gold (NYSE:AUY)(TSE:YRI) swung to a net loss in the third quarter as metals prices suffered.

For the three months to September 30, the Toronto-based gold miner, which has operations in Brazil, Argentina, Chile and Mexico, reported a net loss of US$81.3 million, which translated to a net loss of US$0.09 cents per share, compared with a net profit of US$45.7 million, or US$0.05 cents per share, a year earlier.

According to Zacks Investment Research, the consensus earnings per share (EPS) forecast for the quarter was $0.01. The reported EPS for the same quarter last year was $0.04.

The company also announced Thursday that it has entered into a definitive purchase agreement to sell 100% of its interest in the Gualcamayo mine, located in San Juan province, Argentina, to Mineros SA. 

Gold equivalent ounce production from Yamana Mines for the third quarter was 279,464, including 246,788 ounces of gold and 2.55 million ounces of silver.

Total Yamana gold production was 268,842 ounces. The company also produced 28.6 million pounds of copper.

The company said it is increasing its guidance for production to 920,000 ounces of gold, from the initial 900,000 ounces. 

Shares of Yamana Gold were down 6.2% at C$2.44 in Toronto and down 6.33% at US$2.44 in New York on Thursday. 

Quick facts: Yamana Gold

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TSX:YAU
Market: TSX
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