The waiting game is over.
Yamana earned $179.4 million in the fourth quarter, despite a $74 million hit from copper pricing adjustments related to the epic collapse of copper prices during the period. With copper prices stabilizing nicely from their December lows, and a projected 35% increase in gold production with no added base-metal exposure in 2009, I believe Yamana Gold is effectively out of the woods with respect to copper's threats to the bottom line.
Since Yamana CEO Peter Marrone called an industrywide peak in gold production costs during the third quarter of 2008, earnings results from competitors like Randgold Resources
Low production costs are just one reason that I have consistently favored the intermediate gold miners over their larger rivals. Robust organic production growth from top picks like Yamana Gold and Agnico-Eagle Mines