PERTH (miningweekly.com) – Gold miner Gold Road Resources is on track to meet its full year production guidance, following a stellar quarter at the Gruyere joint venture (JV) in Western Australia.
Gold production at Gruyere reached 71 865 oz during the quarter, up from the 59 595 oz delivered in the previous quarter, while all-in sustaining costs increasing from A$1 135/oz to A$1 233/oz.
Gold Road on Friday said that production for the full 2020 was still targeted for between 250 000 oz and 285 000 oz.
Gold Road’s gold sales for the quarter ended June totalled 28 700 oz, at an average price of A$2 498/oz, with gold dore and bullion on hand at the end of the quarter totalling 5 330 oz.
The company delivered 3 700 oz of gold into its hedge book during the quarter, at an average price of A$1 782/oz. To mitigate the production risks associated with Covid-19, the company also rolled forward 10 000 oz of near-term hedges to 2022 delivery dates, saying on Friday that it could continue to offset near-term forward sales delivery obligations by holding bullion inventory according to its assessment of the pandemic risk dynamics.
At the end of the quarter, the miner’s hedge book totalled 87 800 oz at an average price of A$1 847/oz.