TORONTO – Yamana Gold Inc. (TSX:YRI) has swung to US$29.6-million loss in the first quarter as revenue plunged more than US$180 million on lower production and prices.
The Toronto-based miner said the net loss was equivalent to four cents per share and compared with a net profit of US$102.1 million or 14 cents per share in the same period a year ago. Revenue fell to US$353.9 million from US$534.9 million.
Adjusted earnings for the three months ended March 31 were US$12.1 million or two cents per share, compared with US$116.1 million or 16 cents per share in the same 2013 quarter.
Total gold equivalent ounces produced fell to 271,908 from 291,312 as the cash cost of production per ounce rose to US$640 per from US$587.
Average realized prices for gold fell to US$1,300 from US$1,620, for silver to US$20.43 from $29.81 and for copper to US$3.25 a pound from US$358.