Yamana Gold cuts 2013 gold production forecast

Wed Jan 9, 2013 6:07pm EST

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Jan 9 (Reuters) - Canadian miner Yamana Gold Inc estimated fourth-quarter production of about 322,800 gold equivalent ounces (GEO), and lowered its gold production forecast for 2013.

The mid-tier gold miner now expects to produce about 1.44 million to 1.60 million GEO this year.

The company, had earlier forecast production of 1.48 million to 1.66 million GEO, with a target level exceeding 1.5 million GEO.

Yamana is eyeing Cerro Moro, a project in Argentina it acquired as part of its C$413 million ($412.81 million) takeover of Extorre Gold Mines Ltd last year, as its next major development project. An exploration and development plan for the project is due early this year.

The company said capital spending for 2013 is expected to be $470 million.

Shares of the Toronto-based company, which has a market value of about C$12.28 billion, closed at C$16.32 on Wednesday on the Toronto Stock Exchange.

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