- West African Resources (WAF) announces a 14 per cent quarter-on-quarter increase in gold production for the June quarter
- The company produced 63,610 ounces of gold from its 90 per cent owned Sanbrado Gold Operation in Burkina Faso
- West African Resources also sold 56,852 ounces of gold which marks the highest amount sold in the 2021 financial year
- The company ended the quarter with $61 million in cash and remains on track to produce between 250,000 and 280,000 ounces of gold in 2021
- WAF’s shares are down 4.5 per cent to trade at $1.06
West African Resources (WAF) has produced 14 per cent more gold in the June quarter compared to the March quarter.
The gold stock produced 63,610 ounces of gold from its 90 per cent owned Sanbrado Gold Operation in Burkina Faso.
Positively, gold production aligned well with the mine plan which keeps WAF on track to deliver its guidance of between 250,000 and 280,000 ounces of gold in 2021.
The all-in sustaining cost (AISC) per ounce decreased from US$957 (A$1296) in the March quarter to US$928 (A$1257) in the June quarter.
Of the 63,610 ounces of gold produced, West African Resources sold 56,852 ounces which marks the highest amount sold in the 2021 financial year. The gold sales price averaged US$1810 (A$2453) per ounce.
Executive Chairman and CEO Richard Hyde commented on the quarterly results.
“The Sanbrado mine completed another record quarter with increased ounces and reduced costs, producing 64,000 ounces of gold at AISC of US$928 per ounce,” he said.
“West African remains on track to meet 2021 guidance of 250,000 to 280,000 ounces of gold production at AISC of US$720 to US$800 per ounce.”
Financially speaking, the company generated A$62 million in operating activities. It spent A$18 million on investing activities and A$67 million on loan repayments.
At the end of the June quarter, West African Resources had A$61 million in cash and US$18 million (A$24.4 million) of unsold gold bullion.
Company shares were down 4.5 per cent to trade at $1.06 at 12:09 pm AEST.