Yamana Gold Impairment Reversal Boosts Fourth Quarter Earnings

(Alliance News) - Yamana Gold Inc on Friday said net earnings increased in the fourth quarter of ...

Alliance News 12 February, 2021 | 10:29AM
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(Alliance News) - Yamana Gold Inc on Friday said net earnings increased in the fourth quarter of 2020, aided by a reversal of impairment of mining properties and increased revenue.

The Canada-based company has exploration properties and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. It reported net earnings of USD103.0 million for the three months ended December 31, multiplied from USD14.6 million the year before.

Yamana's earnings benefitted from a USD191.0 million net reversal of non-cash impairment of mining properties during the period in respect of the carrying amounts of certain mineral properties, with no impairment losses of reversals of previous impairments the year before.

Additionally, revenue in the quarter rose 20% to USD461.8 million from USD383.8 million.

For 2020 as a whole, however, net earnings dipped to USD203.6 million from USD225.6 million as revenue fell to USD1.56 billion from USD1.61 billion.

Yamana also said it has formally adopted a climate strategy underpinned by adoption of a 2 degrees Celsius science-based target and an aspirational target to reach net zero emissions by 2050.

Furthermore, the company increased its annual dividend by 50% to USD0.105 per share. It has also declared a USD0.02625 per share dividend for the first quarter of 2021, equivalent to an annual USD0.105 per share dividend.

Shares in Yamana were up 0.3% at 364.25 pence in London on Friday morning.

By Anna Farley; annafarley@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Yamana Gold Inc 340.50 GBX 0.00 -
Yamana Gold Inc 5.97 CAD 0.34 -

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