RIO DE JANEIRO, July 30 (Reuters) - Canadian miner Yamana
Gold is cutting its projected expenses to expand the
Jacobina complex in northeastern Brazil by up to 74%, after
tests at its processing plant went better than expected, Chief
Executive Peter Marrone told Reuters.
The company plans to increase its annual production capacity
at the mining complex to 230,000 ounces of gold by the second
half of 2023, up from 180,000 ounces currently.
Tests in its existing plant indicated it could safely handle
that workload, 8,500 tonnes of raw material per day, so building
a new processing facility would not be necessary, Marrone said.
"The plant is much more efficient than we initially
anticipated," Marrone said in an interview.
Yamana has cut its spending plans and now forecasts
expenditures of $15 million to $20 million on the expansion,
down from $57 million previously, he said. Most of the
expenditures will be made in 2022.
Yamana is currently the third largest gold producer in
Brazil after Kinross Gold Corp and AngloGold Ashanti Ltd
, according to mining lobby group Ibram.
(Reporting by Marta Nogueira; Writing by Jake Spring; editing
by Richard Pullin)