Higher output drives WAF revenues
PERTH (miningweekly.com) – Gold miner West African Resources has seen a 21% increase in revenues for the first half of the 2022 financial year, compared with the previous corresponding period, on the back of higher gold sales and higher gold prices.
The ASX-listed company reported revenues of A$322.3-million for the six months to June, up from the A$266.7-million in the same period last year, with gold sales revenue increasing from A$265.9-million to A$320.5-million in the same period.
The ounces of gold sold in the first half of the 2022 financial year amounted to 123 561 oz, up from the 113 632 oz sold in the same period of 2021, while gold prices in the same timeframe increased from A$2 341/oz to A$2 594/oz.
West African told shareholders that the increase in gold sales resulted from higher output at its Sanbrado project, in Burkina Faso, with production increasing from 119 433 oz to 130 021 oz in the period under review.
The company is, meanwhile, targeting first production from its Kiaka gold project, also in Burkina Faso, by 2025.
A recent feasibility study estimated that the project would require a capital investment of $430-million, producing an average of 233 000 oz/y of gold in the first five years of its operation, and 219 000 oz/y over the remaining 18.5-year mine life.
During the first half of 2022, West African commenced early works at Kiaka including upgrading site access roads and conducting sterilisation drilling over the planned project infrastructure areas. Updates to the environmental and social impact assessment and resettlement action plan for Kiaka are in progress with completion dates expected to align with the project development schedule.
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