Yamana Gold Inc./ YRI, AUY (TSX,NYSE)

Hallo hpopth !

Wo hast du geordert. In Frankfurt geht garnichts. Nur an der AMEX. Liege ich da richtig.

Gruß Jürgen

wird auch in Frankfurt, Berlin-Bremen, München täglich gehandelt, aber mit geringen Umsätzen.
Lohnt sich wirklich nur an der AMEX!

Hallo Express !

Danke für die Antwort

Gruß Jürgen

@hpoth,

Vergiß die Bewertung! Da können auch sachfremde Gründe dahinterstecken, die mit der Aktie nichts zu tun haben. Für mich ein sehr interessanter Hinweis auf eine Aktie, die ich nicht kannte.

Insbesondere das Kupfer/Goldprojekt Chapada habe ich mir daraufhin mal angeguckt. Die Durchführbarkeitsstudie ist positiv ausgefallen, dennoch ist das Vorkommen recht niedriggradig. Ist schon etwas zur Finanzierung bekannt?

Zu den ca. 96 Mill Aktien kommen noch mal ca. 48 Mill. Optionen und Warrants Sollen 60 Mill C$ einbringen.

Habe mir Yamana vor ca. 1/2 Jahr ins Depot hineingestellt und auch auf der AMEX gekauft. Kein Problem dort, ausreichendes tägliches Volumen.

Die Aktie reagiert allerdings ziemlich stark auf den POG (positv wie negativ).

Sind sehr langfristig orientiert und wollen 2007 400.000 oz Gold produzieren. Das Ziel soll nach und nach erreicht werden indem sie bis dahin mehrere Minen in Brasilien eröffnen.

Derzeit läuft die Fazenda Brasileiro Mine mit Target cash costs (2004) von 216 USD. Im ersten Quartal wurden ca 34.000 oz Gold mit Kosten von 196 USD produziert

Diese Jahr soll Fazenda Nova mit 165.000 oz Reserven und 160 USD LOM die Produktion aufnehmen.

2005 soll Sao Francisco/Sao Vincente mit kombinierten Reserven von knapp 1 Mio oz und erwarteten 190 USD LOM Kosten in Produktion gehen.

2007 ist dann Chapada drann. Reserven: 2,3 Bio lbs. Cu und 2,5 Mio Gold mit erwarteten 0,67 USD/lbs Cu und 176 USD Gold LOM.
Die Feasibility Studie ist fertig, die Finanzierung wird derzeit ausgetüfftelt.

Ein Großteil der Minenkosten soll sich aus dem Cash Flow abdecken lassen.

Außerdem gibts noch größere Explorationstätigkeit in Brasilien, sowohl im Umfeld ihrer derzeitigen Minenstandorte als auch anderswo. Und in Argentinien wird auch noch herumexploriert.

Nähere Einzelheiten finden sich auf ihrer Homepage: http://www.yamana.com

Grüsse,
harpo

Aus der Studie der BW-Bank: Megatrend Gold! Phase III
Kapitel 3: Ausgewählte Juniors von Markus Mezger

[Blockierte Grafik: http://www.bw-bank.de/shared_img/logo.gif]

YAMANA GOLD

Überblick
Kategorie Junior Producer
Aktienkurs 2,60 CAD
52-Wochen-Hoch/Tief 1,20 - 4,59 CAD
Reuters-Kürzel YRI.TO
Heimatbörse TSE
WKN 357818
ISIN CA98462Y1007
Aktienanzahl in Mio. 95,9
Aktienanzahl verw. (Mio.) 143,9
Optionen/Warrants (Mio.) 48
Marktkap. (Mio. CAD) 249,34
Hauptaktionäre
Santa Elina (28,2%),
AGF Funds (3,7%),
MD Funds (2,9%).
Streubesitz (69%)

Kennzahlen
Mkt Cap/oz Reserven (US$) 48,05
Mkt Cap/oz Ressourcen (US$) 30,67
EPS (2004e) 0,07
NAV Projekte (Mio. USD) 581

Projektprofil
Hauptprojekte (Anteil)
Fazenda Brasiliero, Fazenda Nova, Sao Francisco,
Sao Vicente (alle 100%), Chapada (50%)
Land Brasilien
Produktionsbeginn
Fazenda Nova 2004, Sao Francisco / Sao Vicente

Reserven Au in Mio. Oz 3,992
Grading in g/t 0,338
Ressourcen Au (davon M&I) 6,254 (4,595)
Grading in g/t 0,316 (0,308 )
Reserven Cu in Mrd. Pf. 2,331 @ 0,302%
Ressourcen Cu (davon M&I) 3,109 (2,809)

Yamana gehört zu den Unternehmen in unserem Minenbasket, die bereits eine effiziente Goldproduktion in Brasilien vorweisen können. Trotz einer derzeitigen Produktionsrate von ursprünglich weniger als 100.000 Unzen Gold pro Jahr, erwirtschaftete Yamana bereits im ersten Jahr ihrer operativen Tätigkeit mit der Mine Fazenda Brasileiro einen Gewinn in Höhe von 1 Mio. US-Dollar. Außerdem weist das Unternehmen eine sehr gut diversifizierte Ressourcenbasis mit einer Vielzahl von Projekten in unterschiedlichen Stadien auf. Momentan widmet der Markt sein Interesse noch der bereits produzierenden Mine Fazenda Brasileiro und der bald in Produktion kommenden Fazenda Nova, die jedoch nur über eine jährliche Gesamtproduktion von 130.000 Unzen bei relativ kurzen Lebensdauern verfügen. Die Zukunft des Unternehmens liegt aus unserer Sicht in der Inbetriebnahme ihrer fortgeschrittenen Projekte Sao Vicente/Sao Francisco (Gold) und in weiteren Explorationserfolgen bei ihrem brasilianischen Multi-Millionen Unzen Projekt Chapada (Gold/Kupfer), das voraussichtlich 2007 in Produktion gehen wird.

In unserer NAV Rechnung bewerten wir Fazenda Brasileiro mit 58 Mio. US-Dollar, wobei wir eine Produktion von 500.000 Unzen bis 2008 zu Durchschnittkosten von 200 US-Dollar pro Unze unterstellen. Diese Annahme halten wir für relativ konservativ, da es Yamana in den letzten Jahren durch eigene Explorationsprogramme gelungen ist, die Reserven zu replatzieren. Das kleinere Heap Leach-Projekt Fazenda Nova wird nach unserer Rechnung über eine Gesamtlebensdauer von 6 Jahren rund 170.000 Unzen zu 180 US-Dollar pro Unze produzieren. Trotz seiner geringen Größe ergibt sich dadurch ein Net Asset Value von 15 Mio. US-Dollar.

Projekt
....................................Sao Francisco /
....................................Sao Vicente..........Chapada
Gesch. Produktion Gold (koz)...... 950......... 2.100
Total Cash Costs (USD/Oz)......... 190.............. 176
Gesch. Produktion Kupfer (Mio. lb)................. 280
Cash Costs (USD/lb).................................... 0,67
Steuern (Mio. USD) .......................70........... 329
Free Cash Flow (Mio. USD)......... 126.............. 893
Capex (Mio. USD)....................... 35................ 250
NAV (Mio. USD).......................... 91................ 417

NAV-Rechnung
Gold...........................................................400 USD..................... 450 USD
Kupfer.......................................................1,00 USD.................... 1,20 USD

Diskontierungsfaktor Gold (Kupfer).......... 0 (5%)..... 5 (10%)..... 0 (5%)...... 5 (10%)
NAV Projekte (Mio. US$).......................... 581............ 285.......... 898..... 486
Working Capital (Mio. US$)..... 29,9
Long-Term Debt (Mio. US$).... -
Erlöse aus Warrants (Mio. US$)..... 50
Anzahl der Aktien (FD)..... 137
NAV/Aktie (US$)....................................... 4,82........... 2,66......... 7,13..... 4,12
NAV/Aktie (CAD)....................................... 6,36........... 3,51.......... 9,41..... 5,44
Discount/Premium in %.......................... -53%........... -15%....... -68%..... -45%

Der Löwenanteil des fairen Unternehmenswerts von Yamana liegt aber in den beiden Hauptprojekten Sao Francisco/Sao Vicente und Chapada. Ersteres sind zwei benachbarte Minen mit einer gemeinsamen Verarbeitungsanlage.
Die Machbarkeitsstudie, die in Kürze abgeschlossen werden soll, dürfte ein Reservenwachstum von 15-25% präsentieren. Wir erwarten eine Gesamtproduktion von 950 Tsd. Unzen, die voraussichtlich zu 190 US-Dollar gefördert werden können. Die Installationskosten belaufen sich auf etwa 35 Mio. USDollar woraus ein Projekt-NAV von 91 Mio. USDollar bzw. knapp 1 US-Dollar pro ausstehender Aktie resultiert. Das größte Potenzial hat aber zweifelsohne das brasilianische Kupfer-Gold Projekt Chapada, für das in diesem Sommer eine Durchführbarkeitsstudie abgeschlossen wurde. Demnach sollen über 19 Jahre jährlich 72 Tsd. Unzen Gold und 106 Mio. Pfund Kupfer produziert werden. Wir halten die unterstellten Gewinnungsraten bei Gold allerdings für zu niedrig und rechnen mit einer Gesamtproduktion von 2,1 Mio. Unzen. Wir bewerten die Gold- und Kupferproduktion getrennt und setzen Durchschnittskosten von 176 USDollar je Unze Gold und 0,67 US-Dollar je Pfund Kupfer an. Bezügliche der Steuern übernehmen wir die Annahmen der Gesellschaft, die mit einem effektiven Steuersatz von 27% kalkuliert. Das Projekt verfügt bereits über eine exzellente Infrastruktur, weshalb die Installations- und Erschließungskosten trotz zwischenzeitlich angestiegener Materialkosten 250 Mio. USDollar
nicht übersteigen sollten.

Yamana profitiert von der Abwertung des brasilianischen Real, da Installationskosten und Löhne in Real anfallen, während die Gewinne durch Goldverkäufe in US Dollar realisiert werden. Der NAV des Kupferprojektes wird branchenüblich mit 5% diskontiert, da Basismetalle ein geringeres Bewertungsniveau genießen als Edelmetalle. Nach unserer Einschätzung beträgt der Nettoinventarwert des Gesamtprojektes bei 400 US-Dollar pro Unze Gold und 1,00 US-Dollar je Pfund Kupfer 417 Mio. US-Dollar bzw. 4 CAD pro Aktie.
Die Gesellschaft wird unserer Ansicht nach als Übernahmekandidat gehandelt, obwohl Brasilien bisher von den großen Goldminengesellschaften noch nicht entdeckt wurde. Wir glauben jedoch, dass sich dies in den kommenden Jahren ändern wird und die Majors sich in diesem Land positionieren werden.

Hallo hpoth!

Sehr schön mitanzusehen welch stärke Yamana an Tag legt, und das schon seit geraumer Zeit. Mein Börsenbrief ( G&M )schreibt das Yamana das Zeug hat in den FTSE Goldminenindex aufgenommen zu werden. Das freut einen doch. Hier der entsprechende Link dazu.

http://www.tsx.com/HttpControl…uoteSymbol_1=yri&x=28&y=9

Gruß Jürgen

Hallo hopth !

Yamana läßt nicht locker. Heute 4 %+ .Die 4 $ sind geschaftt. Ab jetzt kann nachgekauft werden. Da kommt in diesem Jahr noch sehr viel Guuuuuuuuuuuutes !

Gruß Jürgen

YAHOO !!, Super Yamaha

Yamana Announces Completion Of Feasibility Study For Sao Vicente
17:36 EDT Monday, May 02, 2005

TORONTO, ONTARIO--(CCNMatthews - May 2, 2005) - Yamana Gold Inc. (TSX:YRI)(AMEX:AUY)(LSE AIM:YAU) is pleased to announce the following:

- Completion of the feasibility study for its Sao Vicente Gold Project

- Increase in reserves of 26%

- Increase in forecast gold production of 25% to 174,380 ounces

- Stand alone mine plan for an initial four years

- Potential for further upside through mine site exploration

SAO VICENTE FEASIBILITY STUDY AND RESERVE ESTIMATE

Yamana is pleased to report on the feasibility study results for its Sao Vicente gold project in Mato Grosso State, Brazil. The feasibility study and capital and operating cost estimates were prepared by Minerconsult Engenharia Ltda ("Minerconsult") and incorporates specific data supplied by Independent Mining Consultants, Inc. ("IMC"), Kappes, Cassiday and Associates ("KCA") and Metago. The resources and reserves model was updated by Geoexplore Consultoria e Servicos ("GCS") and audited by Geosystems International ("GSI") and the mine plan was prepared by IMC.

The feasibility study was initiated and completed based on prior data and before the current exploration effort was started at Sao Vicente.

- Reserves

- Proven and probable gold reserves at Sao Vicente have increased by 26% to 202,700 ounces from the previous feasibility estimate of 161,000 ounces, summarized as follows.

---------------------------------------------------------------------
Ore Total Au Total Au Ounces
Ore Source Ktonnes (g/t) (000's)
---------------------------------------------------------------------
Open Pit Mining
Proven Mineral Reserve 3,533 1.054 119.7
Probable Mineral Reserve 2,348 1.083 81.8
---------------------------------------------------------------------
Open Pit Total 5,881 1.066 201.5
---------------------------------------------------------------------
Stockpile Reclaim (Probable) 123 0.298 1.2
---------------------------------------------------------------------
Total Mineral Reserve 6,004 1.050 202.7
---------------------------------------------------------------------

- Total measured and indicated resources at Sao Vicente, including the above reserves, total 396,000 ounces (12.46 million tonnes at 0.99g/t assuming a 0.3 g/t cutoff). Additional inferred resources amount to 0.21 million tonnes at an average grade of 0.53g/t assuming the same cutoff.

- Gold Production

- Total gold production has increased by approximately 25% from the prior feasibility study estimate to 174,380 ounces. This includes some production from existing tailings. A breakdown of the gold production is summarized as follows.

------------------------------------------------------------------
Expected
Reserve Overall Gold
Grade (oz Recovery Production
Year Ore (t) (g/t) of Au) (%) (oz)
------------------------------------------------------------------
1 1,800,000 1.273 73,360 81 59,670
------------------------------------------------------------------
2 1,800,000 1.185 68,580 81 55,550
------------------------------------------------------------------
3 1,800,000 0.852 49,310 81 39,940
------------------------------------------------------------------
4 604,000 0.573 11,130 81 9,010
------------------------------------------------------------------
Total/Average 6,004,000 1.050 202,680 81 164,170
------------------------------------------------------------------

- Additional production from tailings is summarized as follows.

------------------------------------------------------------------
Expected
Reserve Gold
Grade (oz Recovery Production
Year Tails (t) (g/t) of gold) (%) (oz)
------------------------------------------------------------------
1 252,000 0.36 2,920 70 2,040
------------------------------------------------------------------
2 252,000 0.36 2,920 70 2,040
------------------------------------------------------------------
3 252,000 0.36 2,920 70 2,040
------------------------------------------------------------------
4 504,000 0.36 5,830 70 4,080
------------------------------------------------------------------
Total/Average 1,260,000 0.36 14,580 70 10,210
------------------------------------------------------------------

- Production estimates as provided above do not incorporate the start up leach cycle which will cause production in year 1 to vary from the estimate. The guidance provided towards the end of this press release assumes lower production in 2006, although a full first year of production will be consistent with the feasibility study.

- The recoveries assumed above are an average. Recoveries will vary with grade mined and may be higher in early years and lower in the last year of production.

- Economic Parameters

- At a 5% discount rate and a US$375/oz gold price, the after-tax NPV is US$12.1 million increasing to US$18.6 million at a gold price of US$425 per ounce gold.

- After-tax internal rate of return of approximately 34.1% increases to 48.9% at US$425 per ounce gold.

- Capital Costs

- Capital expenditures are summarized as follows.

US$ million
-----------
Facilities (including equipment, materials
and earth moving) $11.23
Mine Equipment $4.82
Preproduction and Reinve $2.80
Contingencies $1.60
Working Capital $0.20
-----
Total $20.65
------
------

- Capital costs now also include items that enhance overall project economics, the most notable of which are the power line to connect to the national grid.

- Operating Costs

- Average LOM total operating costs, including refining and G&A, are projected to be US$3.85 per tonne of ore (main ore and old tailings) and include the following:

- mining costs of approximately US$0.66 per tonne of material or US$1.64 per tonne of ore based on an average stripping ratio of approximately 2.49 to 1;

- processing costs, including laboratory services and support, of US$1.66 per tonne of ore; and

- G&A and ongoing environmental costs of US$0.16 per tonne.

- LOM cash operating costs including sales royalty tax are projected to be US$160 per ounce gold.

- Recent increases in crushing costs and prices for heap leach liners may increase these costs slightly.

- The exchange rate assumed in the feasibility study was $R3:US$1. In the event that the exchange rate remains around $R2.6:US$1, estimated cash costs per ounce will increase by approximately 10% to 15% to a range of US$175 to $185 per ounce.

- Operating Parameters and Mining Plan

- Up to 1.8 million tonnes of main ore material will be mined annually to produce a total of 6.0 million tonnes of main ore at an average grade of 1.05 g/t Au, and up to 0.5 million tonnes of tailings will be processed annually to produce a total of 1.26 million tonnes of tails at a grade of 0.36g/t Au.

- Projected total recoveries average 81% for main ore and 70% for tailings.

- The mine will be operated by Yamana on an owner-operator basis.

- Existing Infrastructure

- Access is available by state and internal roads and by air at an onsite air strip.

- Access road being improved to Sao Francisco Mine at 50Km distance.

- Buildings including shops, warehouses, offices and a sample preparation and process control laboratory.

- Homes, dormitories, a school, a maintenance garage, laboratory and other basic facilities at Sao Vicente project.

- Pilot processing plant is to be built on site in mid 2005. Neighbouring Sao Francisco currently has two of such pilot plants.

- Water is readily available from nearby sources.

- General Overview

- This positive feasibility study is an update to a prior preliminary study completed by Watts, Griffis and McOuat Limited in July, 2003.

- Financial assumptions include a foreign exchange rate of 3.0 Reals per 1.0 United States dollar.

- The feasibility study supports the conclusion that Sao Vicente can be constructed as a stand alone project. The initial plan for Sao Vicente contemplated treating Sao Vicente and Sao Francisco on a combined basis. Total production between Sao Francisco and Sao Vicente is now projected to be 990,000 ounces of gold.

- The feasibility economic analysis incorporates an effective tax rate of approximately 15.3% for the life of the project. Tax incentives that are in place in the State of Mato Grosso and conventional tax and corporate structures commonly available to mining companies in Brazil reduce the overall tax rate to this level.

- The feasibility study was prepared by Minerconsult under the direction of Olimpio Ribeiro Salgado, Professional Engineer. The reserves and resources model was audited by GSI under the direction of Mario Rossi. The mining plan and capital and operating cost estimates for mining were prepared by, and the NI 43-101 Report is being prepared by IMC under the direction of Michael Hester. Both Mr. Rossi and Mr. Hester are Independent Qualified Persons as defined by National Instrument 43-101.

CONSTRUCTION DECISION

The Sao Vicente feasibility study was initiated prior to the current exploration effort at Sao Vicente. The objective was to provide a supplement to the Sao Francisco feasibility study (released in November 2004) and determine whether or not Sao Vicente should be treated on a combined basis with Sao Francisco as originally contemplated or built as a stand alone operation.

Given positive results to date from continuing exploration, Yamana has decided to defer a formal construction decision pending further exploration results expected by July 2005. With further exploration successes, the possibility exists for an enhanced operation combining open pit and underground mining. Yamana expects that a further update on a construction decision for Sao Vicente would be made this summer at which time Yamana will either decide to proceed with the mine plan as outlined in this feasibility study or update the mine plan to incorporate a bigger open pit as well as an underground operation.

GUIDANCE UPDATE

In a press release dated January 6, 2005, Yamana provided production guidance excluding Sao Vicente. With the addition of Sao Vicente, based on the results of the feasibility study, 2006 and 2007 production estimates would be as follows:

2006E 2007E
----------- -----------

Gold Production Estimates 290-320,000 430-457,000

Average Projected Total Cash Cost $185-$195 $165-$180

These production and cash cost levels assume the construction of Sao Vicente in the latter half of 2005 with production starting in early 2006. However, as noted above, the decision to proceed with Sao Vicente will not be made until this summer and with further exploration successes an update to the feasibility study would likely be required thereby deferring construction to the end of the year or into 2006.

GENERAL COMMENTS

Commenting on the foregoing, Peter Marrone, the President and Chief Executive Officer, stated, "We are pleased with the positive results of the feasibility study for Sao Vicente. This project has a robust after-tax IRR of 34% at a modest gold price of US$375 per ounce. While Yamana had undertaken this feasibility study it continued with an exploration campaign whose results suggest the potential for a considerable larger operation. We will defer a formal production decision for Sao Vicente until this exploration effort is completed. With construction now well underway on Sao Francisco and Chapada and production from our two mines, Fazenda Brasileiro and Fazenda Nova, our planned gold production will significantly increase in 2005 and over the following two years, added to which will be copper production starting in 2007. In addition, we are committed to an extensive exploration program on our more than 900,000 hectares of highly prospective mineral concessions in Brazil."

Yamana is a Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties and land positions in all major mineral areas in Brazil. Yamana expects to produce gold at intermediate company production levels by 2006 in addition to significant copper production by 2007. Yamana also holds gold exploration properties in Argentina. Company management plans to build on this base by targeting other gold consolidation opportunities in Brazil and elsewhere in Latin America.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Yamana Gold Inc.
Peter Marrone
President & Chief Executive Officer
(416) 815-0220
investor@yamana.com
or
Yamana Gold Inc.
Antenor Silva
Chief Operating Officer
(416) 815-0220
investor@yamana.com

S T R O N G B U Y !

Yamana ist ein super Wert, da stimmt meiner Meinung nach alles.

Zu Yamana gibt es aber schon einen Thread von Hpopth

Grüsse

Ich moechte auch so gerne eine Yamaha, schade, ich kann nicht.