Like The A-Team's cigar-toking kingpin, I love it when a plan comes together.
A little more than a year has elapsed since I declared Yamana Gold
Delivering on another important aspect of this Fool's longstanding plan -- Yamana delivered substantial organic reserve growth, expanding reserves (net of production) by 11% to reach 18.6 gold-equivalent ounces. That total includes 82.9 million ounces of silver, which surpasses (for now, anyway) even the noteworthy silver reserves held by the fast-growing primary silver producer First Majestic Silver
Referring to the El Penon mine in Chile, Yamana's top producer by volume, the company averred, "Continuous exploration effort on high-grade areas at El Penon is expected to return significant near surface gold and silver values, improve production, provide mining flexibility for a sustainable production level of at least 440,000 GEO per year, and ultimately increase mine life." In fact, Yamana's remarkable and sustained success at organic reserve growth overall permitted the company to convey heightened confidence in its effort to reach -- and then sustain -- 1.75 million GEOs of annual output by 2014.
I have a long-term plan in place to enjoy sustained dividend income and share-price appreciation from my stake in Yamana Gold, and the company continues to execute its growth trajectory in such a way as to leave me supremely confident in a profitable outcome. Since I pounded the table to explain why "Yawanna Have Yamana" back in 2008, the stock has grown more than 350%! With an industry-leading cost structure that not even low-cost marvel Goldcorp
My bullish CAPSCall on Yamana Gold has been in place since 2006, and I have every intention of keeping this pick open for quite some time yet to come. Although deep-value turnaround story Primero Mining
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Fool contributor Christopher Barker can be found blogging actively and acting Foolishly within the CAPS community under the username TMFSinchiruna. He Tweets. He owns shares of First Majestic Silver, Goldcorp, Primero Mining, Taseko Mines, and Yamana Gold.
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