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America's 10 Highest-Paid CEOs of 2011 (and How They Earned It)Yamana Gold Inc. (NYSE: AUY) recently released FY 2006 earnings as well as an update on its latest mining operation. Overall, the news is very positive. Yamana Gold operates mines in Honduras, Argentina, Nicaragua and Brazil, including its flagship Chapada mine in Goias, Brazil.
Processing operations at Chapada commenced in November 2006, ahead of schedule. The ore processed thus far has been above estimate in terms of amount and higher in grade. Copper in concentrate is 27.7-28.4% in grade. Gold is 26.3-29.1 grams per ton. At these numbers, Yamana expects to produce 180,000-200,000 ounces of gold and 130-145,000,000 pounds of copper in FY 2007, both above estimates.
Because the Chapada mine came into production earlier than scheduled, Yamana already received its first payment of almost $27 million for the first concentrate shipment. Larger concentrate shipments for both copper and gold will be shipped by the end of 1Q 2007. Presently, spot market prices for both gold and copper remain favorable for Yamana.
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