Yamana starts trading on LSE

13.10.2020, 20:21 - eeppo

Yamana Gold (TSX:YRI; NYSE:AUY) started trading on the LSE’s main market today.

Company’s shares were trade at 467.50 GBp under the ticker AUY at Tuesday’s close.

“There are compelling reasons to invest in our company.  We offer gold exposure via a high-quality, long-life asset portfolio in the Americas, organic production growth, a commitment to providing and increasing cash returns to shareholders, and a commitment to adhering to high ESG (environmental, social, and governance) standards.” said Peter Marrone, founder and executive Chairman of Yamana Gold.

The miner is also hiking its dividend by a further 50% to $0.105/share for the fourth quarter of the year

The company will maintain a primary listing on the Toronto Securities Exchange, as well as a listing on the New York Stock Exchange.

The Toronto-based company recently increased its full-year production guidance to 915,000 ounces of gold equivalent from its previous target of 890,000.

“While this represents a modest 3% improvement, it’s directionally positive and shows confidence in the fourth quarter,” BMO analyst Jackie Przybylowski said in a note to investors.

Exceptional operational performances in the June quarter from the company’s Jacobina mine in Brazil, El Peñón and Minera Florida, in Chile, as well as Canadian Malartic, prompted the company to re-think plans.

Yamana churned out of 201,772 ounces of gold and 3.04 million ounces of silver production in the three months to Sept. 30. Total gold equivalent production was 240,466 ounces. 

The miner is also hiking its dividend by a further 50% to $0.105/share for the fourth quarter of the year. At the new rate, it said, the dividend would be 425% higher than it was just 18 months ago.