Roxgold ups 2019 guidance on back of strong 2018 gold production
TSX-listed Roxgold expects to produce between 145 000 oz and 155 000 oz of gold in 2019, at an all-in sustaining cost of between $765/oz and $795/oz.
The company produced 132 656 oz in 2018, exceeding its revised guidance of between 120 000 oz and 130 000 oz.
The fourth quarter of 2018 saw an average mill feed grade of 10.8 g/t of gold, achieving 98.2% recovery.
The 133 030 oz gold sold for 2019 generated $169-2-million.
The company’s Yaramoko mine, in Burkina Faso, produced 351 689 t grading 11.7 g/t of gold with stoping tonnes increasing over the course of the year.
Throughput was 307 591 t at 13.5 g/t, with an operating time of 95.4% for the year. Throughput levels increased quarter-on-quarter during the year, driven by ongoing optimisation and improved operating performance in the plant, resulting in processing about 14% above nameplate capacity of 270 000 t/y.
In December, Roxgold announced the practical completion of the process plant expansion, which increased mill capacity by nearly 50% from 270 000 t/y to 400 000 t/y, which has been consistently achieved since practical completion.
Metallurgical performance remained consistently high with an overall recovery of 98.6% for the period.
"In 2018, Yaramoko continued to outperform by exceeding our annual production guidance and we expect to be at or below our cost guidance for the second consecutive year.
“With the recent under budget completion of the Bagassi South project, Yaramoko's second high-grade underground mine, we expect to have a strong year in 2019 in which we are forecasting production to be between 145 000 oz and 155 000 oz of gold,” said president and CEO John Dorward in a statement on Tuesday.
He added that the expanded processing plant had ramped up well and had recently seen record throughput of 1 231 t/d, or 12% above nameplate capacity.
“We also continue to remain focused on adding value by actively pursuing further organic growth opportunities through our exploration programmes where we have several drilling activities currently under way."
Roxgold’s exploration budget for 2019 is set at between $10-million and $12-million.
The company’s financials will be released on March 26.
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