Yamana Gold expects to invest about US$75 million Chile during this year, according to Yamana’s vice president of finance, Chile and Argentina, Andrés Guzmán, in an interview published in the Mining Bulletin of Sonami (The National Mining Association of Chile).
“We expect to invest approximately US $75 million in sustaining capital and exploration at El Peñón and Minera Florida (located in Antofagasta and south of Santiago, respectively) during 2018,” Guzmán said.
In addition, the executive noted that Yamana’s investments in Chile have been reduced compared to previous years due to the restructuring of El Peñón and the ongoing transition in Minera Florida. However, their plans aim to extend the life of their mines, which should ultimately lead to more sustainable long-term investments.
As for the company itself, Guzmán explained that the Canadian player is in a “solid position.”
“We are proud of the significant achievements of the first 15 years of our company and we see that our future is even more promising,” he said.
The executive explained that, outside Chile, they are in an exciting period with the new Cerro Moro mine in Argentina.
“With the completion of the construction phase at Cerro Moro and, along with the strong operational performance in our global operations, we are transitioning to a phase of cash flow generation,” Guzman explained.
The company will continue investing in exploration and projects to generate solid returns, but their priority is to optimize and improve the existing operations, including Chilean operations, where they believe there is still a lot of potential.