S&P raised Yamana to its lowest investment grade last week, citing an expectation that the company will maintain low debt leverage ratios over the next several years and resilience to potential future declines in gold prices. S&P estimates the company’s debt at less than one time its earnings before interest, taxes, depreciation and amortization for the 2022-2024 time frame, a conservative scenario compared to the company’s projections.
“Without any further meaningful increases to our dividends or share repurchases, we’ll go net cash positive over the next couple of years,” said Leblanc, adding that it’s subject to the evolution of gold and other commodity prices. “We don’t have crystal balls, but we can manage our business, make sure we have scale, make sure that we generate profitability at the bottom of the cycle.”
Yamana has a $750 million revolving credit facility, Bloomberg data show. The financing, which…
