UPDATE 1-Yamana Gold reports loss on Brazil, Chile mine charges
(Recasts with market expectations, adds financial, output details)
Feb 11 (Reuters) - Yamana Gold Inc reported a fourth-quarter loss on Wednesday that was not expected by the market after writing down the value of mines in Brazil and Chile - the second quarter in a row of charges at its South American mines.
Even so, the Toronto-based gold miner said it has decided to go ahead with building a mine at its Cerro Moro gold and silver project in Argentina.
The company also forecast a 9 percent increase in gold production to 1.3 million ounces in 2015.
Yamana reported an adjusted fourth-quarter loss from continuing operations of $16.2 million, or 2 cent a share, compared with earnings of $36.8 million, or 5 cents a share, in the year-ago quarter.
Analysts expected the company, which also has mines in Mexico and Canada, to report earnings of 2.7 cents a share, according to Thomson Reuters I/B/E/S.
Its net loss from continuing operations in the quarter was $299.5 million, or 35 cents a diluted share, after taking impairment charges against the carrying values of its Jacobina mine in Brazil and its Minera Florida mine in Chile.
That compared with a net loss of $442.8 million, or 59 cents a share, in the year-ago period.
Yamana said it produced 405,615 of gold equivalent ounces in the quarter, up from 303,768 ounces in the same period a year before. Yamana defines gold equivalent ounces as gold plus the gold equivalent of silver using a ratio of 50:1. Continued...