Yamana Gold Declares First Quarter Dividend
19 Février 2014 - 1:31AM
Marketwired
Yamana Gold Declares First Quarter Dividend
TORONTO, ONTARIO--(Marketwired - Feb 18, 2014) - YAMANA GOLD
INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or "the Company") declares its
first quarter 2014 dividend of $0.0375 per share. This represents
an annualized dividend of $0.15 per share. Shareholders of record
at the close of business on March 31, 2014 will be entitled to
receive payment of this dividend on April 14, 2014. The dividend is
an "eligible dividend" for Canadian tax purposes.
The Company is committed to the sustainability of dividends
which are, in part, determined by margins achieved, current and
future cash flows and the expectation that margins and cash flow
are sustainable in current or future metal price environments. The
rapid change in metal prices the past year has significantly
compressed margins not withstanding mostly successful efforts to
reduce costs.
The decision to declare the dividend at the current level takes
into account the margin reduction since late 2012 because of lower
metal prices. It also takes into account a need to balance
distributions to shareholders with the capital needs of prospective
and high quality opportunities. In 2014, the Company will determine
its development plans for Cerro Moro and Suyai which are two high
grade projects currently advancing through the Company's project
pipeline. Deploying capital toward projects that deliver future
cash flow and increases in cash flow is prudent when balanced with
a fair dividend to shareholders.
"Gold mining companies are in the business of monetizing gold
production," commented Peter Marrone, Chief Executive Officer. "The
payout to shareholders through dividends can be represented by
ounces of gold sold and the margins at the time. If you look at the
compression of margins that has occurred with the rapid decline in
metal prices over the past year, the dividend payout of equivalent
ounces from previous years would decline significantly. When
looking at current metal prices and margins, one can see that the
same number of gold ounces providing a higher cash distribution
before would have a lower cash value today. In setting our
dividend, we took these issues into account."
The Company views this dividend level as a baseline and as
margins and cash flow improve this level will be evaluated
further.
About Yamana
Yamana is a Canadian-based gold producer with significant gold
production, gold development stage properties, exploration
properties, and land positions throughout the Americas including
Brazil, Argentina, Chile and Mexico. Yamana plans to continue to
build on this base through existing operating mine expansions,
throughput increases, development of new mines, the advancement of
its exploration properties and by targeting other gold
consolidation opportunities with a primary focus in the
Americas.
(All amounts are expressed in United States dollars unless
otherwise indicated.)
Yamana Gold Inc.Lisa Doddridge, Vice President, Corporate
Communicationsand Investor Relations416-815-0220 or
1-888-809-0925investor@yamana.com
Yamana Gold (TSX:YRI)
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