Inframan, I wasn't thinking about the extraction costs (although I'm aware of the base metal credits you mention). What I'm looking at (and what attracts me to the stock) is the low Enterprise Value per ounce of gold:-

http://www.resourcestockguide.com/co...

At $34.3/ounce Yamana is valued like a junior and I can't understand why. Either it is just an incredible bargain or there is another factor, perhaps related to the base metal, that affect the calculation. Any ideas?