With all of the hoopla surrounding gold's price collapse over the past seven months, miners have been forced to make tough decisions. As first-quarter results have shown, there's more than one way to dig up profits here. When Newmont Mining (NYSE:NEM) released earnings, it displayed a reduction in gold production at the same time that it increased copper output. In a low-priced environment, this seems to be pretty logical, right?

Well, turn no further than to Yamana Gold (NYSE:AUY) for a completely different perspective. Here is a company that plans on increasing its production by 20% over 2012 figures. Instead of cutting its activity levels, it plans on cutting its mining cost structure by around 17.5%. These measures are expected to be fully carried out in 2013, with two-thirds of them forecast to be successful by mid-year. It will certainly be worth tracking the company's progress over the next two quarters.

So which direction will their competitor Goldcorp (NYSE:GG) head in 2013? Tune in for our analysts' predictions.

Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.