Leagold expects increased production, cash flow in 2019
TSX-listed Leagold Mining Corporation produced 302 550 oz of gold in 2018, in line with guidance of between 295 000 oz and 305 000 oz of gold.
It operates four gold mines in Mexico and Brazil.
During the fourth quarter of 2018, the RDM mine, in Brazil, experienced a temporary shutdown from early October to mid-November owing to regional drought conditions that impacted on water supply, which mildly impacted yearly production.
However, the Los Filos mine, in Mexico, demonstrated significant production growth, with 25 404 oz produced in December as gold recovery rates normalised. This increased the company’s fourth-quarter gold production to 58 201 oz.
Leagold ended the year with a cash balance of around $53-million and expected full year all-in sustaining costs (AISC) to be $979/oz.
CEO Neil Woodyer noted that 2018 had been a transformative year for the company, as it evolved from being a single mine operator into a diversified group with four mines in two countries.
Woodyer stated that Leagold was well positioned to deliver increased production and cash flow this year.
Meanwhile, studies related to the expansion of Los Filos are expected to be released sometime this week, following which the company will provide 2019 gold production and AISC guidance.
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