Join our daily newsletter At The Bell to receive exclusive market insights
- West African Resources (WAF) increases gold production by 29 per cent at its Sanbrado project in Burkina Faso in the September quarter
- While underground production dipped, open-pit output jumped by 72 per cent, mostly thanks to higher-grade ore
- In the quarter, the company’s output was nearly 82,000 ounces of gold and it expects to exceed guidance and produce more than 280,000 ounces this year
- Shares are trading 4.08 per cent up at $1.02 at 10:47 am AEST
West African Resources (WAF) increased gold production by 29 per cent at its Sanbrado project in Burkina Faso in the September quarter.
In the three month period, the company produced a record 81,960 ounces of gold, bringing the total gold produced this year to 201,400 ounces.
West African Executive Chairman and CEO Richard Hyde said that combined with projections for a further increase in production in the December quarter, the September period placed Sanbrado in good stead for the rest of the year.
“The December quarter is expected to have a further increase in gold production, therefore 2021 production is now forecast to exceed the upper end of guidance of 280,000 ounces of gold.”
The uplift in production in the September period was attributed to the mining of higher grade ore at M1 South, which resulted in a 72 per cent increase in production from the open-pit mine.
Meanwhile, underground production at M1 South was reported to have decreased marginally.
West African Resources expects to release its full quarterly report by the end of the month.
Shares closed at 98 cents on Friday October 1, 2021.
