https://www.miningweekly.com

Asanko reports improved Q3 operational, financial performance

3rd November 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Encouraging third-quarter operational results have translated into an improved financial performance for dual-listed Asanko Gold.

The Canadian junior miner on Friday reported a 21% quarter-on-quarter increase in cash flow from its operations to $40.7-million.

In addition, Asanko recorded a $4-million, or $0.02 a share, increase in earned net income to $4.7-million for the three months under review.

The company’s cash and immediately convertible working capital balance increased by some 9% to $64.3-million, Asanko president and CEO Peter Breese pointed out.

“The improved operational performance for the quarter was the result of the new mining systems we recently introduced to improve the ore loss and dilution metrics, as well as mining through multiple zones of mineralisation within the Nkran pit,” he explained.

In October, the Asanko gold mine, in Ghana, reported more than 5 000 oz of lost gold production during the first two months of the quarter under review, after losing 11 days of milling time owing to the processing plant's mill motor outages.

Despite this, a “very respectable” 49 293 oz of gold was produced in the three months to September 30, a 7% increase over the prior quarter.

The company posted third-quarter gold sales of 50 241 oz at an average realised price of $1 265/oz, generating gold sales revenue of $63.6-million.

Edited by Creamer Media Reporter

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.139 0.172s - 106pq - 2rq
Subscribe Now