TSX- and ASX-listed Alacer reported a ‘strong finish’ to 2018, with full-year gold production of 171 000 oz of gold, meeting the production guidance of 160 000 oz to 230 000 oz.
Production was achieved at an all-in sustaining (AISC) cost of $609/oz, which beat the yearly guidance.
The Turkey-focused company completed construction of a sulphide plant during the year and poured 22 000 oz of gold in December, which was the first full month that both autoclaves were operating.
The company has set its 2019 consolidated production guidance at between 320 000 oz and 380 000 oz at an AISC of between $675/oz and $725/oz, which is synonymous with being a free cash flow generating intermediate gold producer.
Alacer reported full-year attributable earnings of $15.1-million, or $0.05 apiece, on the back of 167 172 oz sold, and normalised attributable earnings of $44.4-million, or $0.15 apiece.
Meanwhile the company reported that it had finalised the environmental impact assessment and operating permits for Çakmaktepe, with mining activities under way. Production from this third ore source, at the Çöpler gold mine, will occur in 2019.
A maiden mineral resource of 294 000 oz indicated and 85 000 oz inferred oxide gold was announced for Ardich, which is located about 6 km from Çöpler. The size of the Ardich deposit is prospective, with the maiden mineral resource representing the first estimate of a potentially larger deposit.
The expansion of the Çöpler heap leach pad capacity to 58-million tonnes was completed, which maximises the processing capacity of the oxide plant for known oxide ore reserves. Alacer aims to complete a feasibility study this year to potentially further expand the Çöpler heap leach pad by about 20-million tonnes.