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Fast Facts


Primary Metal

Mine Type
Open Pit

Proven and Probable Mineral Reserves (50%)(1) 
2,389,000 ounces of gold

2019 Production (50%)
334,596 ounces of gold

2020 Production Guidance (50%)
275,000 ounces of gold*

(1) 66,904,000 tonnes with an average grade of 1.11 gram per tonne of gold.


The Canadian Malartic mine, in which Yamana holds a 50% interest, is located in the Abitibi region of Quebec near the town of Val-d’Or. It is Canada’s largest gold mine and Yamana’s biggest producer. The Company acquired the operation in 2014 with Agnico Eagle Mines when they jointly purchased Osisko Mining. The operation is overseen by the Canadian Malartic General Partnership, a joint management committee consisting of senior leaders from Yamana and Agnico Eagle.

Canadian Malartic is currently an open-pit mine, but the operation has discovered large underground ore bodies on the property that are under review as a new source of ore for the mill. These ore bodies include the Odyssey, East Malartic, and East Gouldie zones, which the Partnership continues to advance and evaluate along with a number of other prospective exploration areas, including the Sladen, Sheehan, and Rand zones. These discoveries have the potential to provide new, mostly underground sources of mineralization for the Canadian Malartic mill that could significantly extend mine life.

The Partnership also continues to ramp up the Barnat expansion project to access the Barnat deposit, with meaningful contributions expected in 2021.

*Canadian Malartic temporarily suspended operations in late March 2020 due to government-ordered restrictions on mining related to COVID-19. Operations resumed in mid-April 2020 after the government declared mining an essential activity and, while the ramp-up of operating activities went faster than expected, 2020 production guidance was revised from the original estimate of 330,000 ounces of gold to 275,000 ounces as a result of the suspension.

Exploration Upside

The primary objective of exploration at Canadian Malartic is to further define and increase underground mineral resources. Currently, the Company is advancing an aggressive infill drilling program at East Gouldie. Drilling in 2020 will include 105,000 metres to delineate further inferred mineral resources, adding to the 9.6 million ounces of inferred mineral resources (100% basis) and 830,000 ounces of indicated mineral resources (100% basis) disclosed at year-end 2019 in Odyssey, East Malartic, and East Gouldie. The Company and its partner have authorized the construction of an exploration ramp into Odyssey and East Malartic, with the purpose of eventually mining their respective upper zones and providing further exploration access to allow tighter-spaced drill delineation. The new ramp will provide the ability to carry out bulk sampling of up to 40,000 tonnes of ore. With governmental approval already in hand, the objective is to commence development of the ramp in the fourth quarter of 2020, with construction expected to take approximately two years to complete.

For the most recent exploration update and latest detailed drill results for Canadian Malartic, please see the press release dated October 28, 2020.

Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.


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Yamana discloses certain non-GAAP measures including Cash costs per ounce of gold, Cash costs per ounce of silver, Co-product cash costs per ounce of gold, Co-product cash costs per ounce of silver, Co-product cash costs per pound of copper, All-in sustaining costs per ounce of gold, All-in sustaining costs per ounce of silver, All-in sustaining co-product costs per ounce of gold, and All-in sustaining co-product costs per ounce of silver to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS. The term IFRS and generally accepted accounting principles (“GAAP”) are used interchangeably. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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