Yamana Gold misses 2013 output target

Mon Feb 10, 2014 8:19am EST
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TORONTO Feb 10 (Reuters) - Yamana Gold Inc reported full-year production that fell short of its forecasts on Monday, blaming the shortfall on problems at new operations that it said had been resolved by the end of 2013.

The Toronto-based miner, which has operations in Mexico, Brazil, Chile and Argentina, had warned in October that it could miss its 2013 production target but did not give a revised forecast.

Yamana said on Monday it had produced about 1.2 million gold equivalent ounces in 2013. In July the company forecast production between 1.32 and 1.37 million gold equivalent ounces.

For 2014, it expects to produce 1.4 million gold equivalent ounces, at the low end of its previous forecast of between 1.4 million and 1.5 million gold equivalent ounces.

"All mines are now producing which should significantly improve the reliability of production and cost estimates going forward beginning in 2014," Yamana said in the release.