Semafo forecasts 68% production increase for 2019
TSX-listed West Africa-focused gold miner Semafo produced 244 600 oz of gold at its Boungou and Mana mines, in Burkina Faso, in 2018 – in line with its guidance of producing 235 000 oz to 265 000 oz.
The company achieved a consolidated all-in sustaining cost (AISC) of $951/oz for the year.
Boungou achieved an AISC of $596/oz for 2018 and Mana an AISC of $1 056/oz.
Semafo noted on Friday that its gold sales had increased by 15% year-on-year to $297-million.
The company further commented that underground development had started at Siou – the high-grade gold deposit located about 20 km from Mana – in the third quarter of 2018 and remains on budget and on schedule.
2019 GUIDANCE
Semafo is expecting consolidated production of between 390 000 oz and 430 000 oz this year, representing a 68% year-on-year increase. Its AISC guidance for this year has been set at between $685/oz and $735/oz – a reduction of 26% year-on-year.
The company expects an initial exploration budget of $19-million, half of which is allocated to Boungou.
“In 2019, at Boungou, we expect to process about 1.3-million tonnes of ore at an average grade of 5.72 g/t with an average gold recovery rate of 94%.”
Semafo further expects the Mana mill to process around 2.4-million tonnes at an average grade of 2.68 g/t, with an average gold recovery rate of 86%.
The company added that a total of 2.3-million tonnes of ore will be extracted from the Siou and Wona pits at an average grade of 2.76 g/t, with the remaining balance sourced from low-grade material.
“[About] 350 000 t of ore will be sourced from Siou in 2019, which means that the 2020 mine plan will include some Siou high-grade, openpit ounces at a very low strip ratio.”
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