Join our daily newsletter At The Bell to receive exclusive market insights
- West African Resources (WAF) has announced an 11 per cent increase in quarterly production from its Sanbrado Gold Project in Burkina Faso
- Pleasingly, this means the company is on track to meeting its annual production guidance of between 250,000 to 280,000 ounces gold
- All-in sustaining costs (AISC) per ounce decreased from US$992 (roughly A$1278) to US$957 (roughly A$1233), while the gold sales price averaged US$1800 (roughly A$2319) per ounce
- West African Resources received $39 million from operating activities and $15.7 million was spent on investing activities
- At the end of the quarter, the gold producer had $93.9 million in cash which is slightly less than the $95 million it started with
- Company shares are down 4.06 per cent and are trading at 94.5 cents
West African Resources (WAF) has released its quarterly report on activities conducted at its Sanbrado Gold Project in Burkina Faso.
The 90 per cent-owned project saw an 11 per cent increase in production to 55,823 ounces for the March quarter.
The increase is predominantly due to a higher proportion of mill feed sourced from the M1 South open pit and underground stoping ore mined at the end of last year but was processed in the March quarter.
What’s more is West African Resources is on the right track to meeting its annual production guidance of between 250,000 to 280,000 ounces gold.
The all-in sustaining cost (AISC) per ounce decreased from US$992 (roughly A$1278) to US$957 (roughly A$1233) while the gold sales price averaged US$1800 (roughly A$2319) per ounce.
Unfortunately, WAF mined 30 per cent less ore from the underground operation. In saying that, the company completed 802 metres of underground development, compared to 510 metres in the prior quarter.
West African Resources received $39 million from operating activities and $15.7 million was spent on investing activities.
At the end of the quarter, the company had $93.9 million in cash which is slightly less than the $95 million it started with.
Company shares are down 4.06 per cent and are trading at 94.5 cents at 10:30 am AEST.
