AUY - Yamana Gold approves $461M Wasamac mine development

Yamana Gold (AUY) says it will move forward with development of the Wasamac mine in Quebec, confirming it plans to spend $416M on the underground operation.Yamana says its decision was based on several studies showing higher average daily throughput, increased mineral reserves, increased average annual production and strong, increased cash flows.The mine is considered the key to expanding Yamana's footprint in the Abitibi-Temiscamingue region and will lift production by at least 200K oz/year in the first four years following its ramp-up.First gold production is scheduled for late 2026 and commercial production is planned for Q4 2027.Yamana Gold is "oversold in the near term and trading below book value, which presents an opportunity for long-term investors," Alexander Ebbinghouse writes in a bullish analysis posted recently on Seeking Alpha.

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Yamana Gold approves $461M Wasamac mine development