Gold company announces rise in production

A gold mining company has revealed a small rise in production during the first quarter of the year.

Yamana Gold's latest figures showed it achieved production of 291,312 gold equivalent ounces between January and March 2013, which is up four per cent on the same period last year.

It was also announced by the firm that its silver production reached 2.2 million ounces in the first quarter, resulting in adjusted earnings of $117 million (£75 million) or $0.16 per share.

Peter Marrone, chairman and chief executive officer, stated that the company is evaluating its operations as a result of the recent fall in the value of precious metals such as gold.

"We were able to deliver increased production compared to the first quarter last year while generating comparable cash flow despite lower metal prices," he said.

BlackRock's natural resources head Evy Hambro recently told Investment Week that he believes the value of gold could be set to carry on falling in the coming weeks and months.

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