Yamana Gold Inc.AUY

Morningstar Rating

Stock Research and Analysis

by Joung Park

Founded in 2003, Yamana Gold has aggressively boosted its production through expansion projects and acquisitions. We view Yamana as one of the more attractive players within the gold mining space due to its strong development pipeline and below-average Read more

Bulls Say

Yamana enjoys a robust project pipeline.

Yamana's projects enjoy relatively competitive operating costs.

Like all gold stocks, it provides a good hedge against inflation.

Yamana does not hedge its gold production and hence provides full exposure to gold price movements. Read more

Bears Say

Risk of project development delays can negatively affect the company.

Margin improvements could be limited if its new pipeline of prospects do not live up to expectations.

Gold prices must cooperate to produce sufficient returns on invested capital as the firm expands production aggressively.

Investors looking for gold exposure can skirt company-specific risk by investing in gold-backed exchange-traded funds. Read more

Strategy

Yamana Gold seeks to expand its gold output to approximately 1.5 million gold-equivalent ounces by 2013. The company has based its historical growth primarily on acquisitions, but seems to have shifted Read more

Management

Peter Marrone has been CEO since Yamana was founded in 2003. A lawyer by training, Marrone previously was the executive vice president and managing director of investment banking at Canaccord Capital, prior to which he was partner at Cassels, Brock Read more

Profile

Founded in 2003, Canadian gold producer Yamana Gold has a portfolio of gold production as well as other precious metals and copper. The firm holds gold development stage Read more

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