RNC achieves record gold production
TSX-listed gold miner RNC Minerals has announced record consolidated gold production of 64 277 oz for 2019.
This followed after the company acquired the Higginsville Gold Operations mine and mill, in Western Australia, in the second half of last year.
"The gold production results for the second half of 2019 has been very strong, with a total of 51 090 oz produced, exceeding the upper end of the range of our previously announced guidance of 42 000 oz to 49 000 oz for the second half of the year.
“The monthly production results for December continued to demonstrate the consistently improving production RNC had achieved since the acquisition,” commented CEO and chairperson Paul Huet.
The company reported a strong cash balance of $34-million at the end of the year, compared with a cash balance of $25-million at the end of 2018, having paid off $3-million on debt.
RNC experienced minor disruptions in ore haulage from Beta Hunt, in Western Australia, in the second half of last year, owing to road closures in the region; however the company had continued to process run-of-mine stockpiles and Baloo material throughout this period.
“We are pleased to report that ore supply from Beta Hunt and the delivery of reagents to the mill had been restored and our mill was operating at full capacity with feed from both sites,” noted Huet.
Overall the impact of the current fires in the country on HGO was not expected have any material impact on the company’s first quarter production, nor its anticipated 2020 plans.
The company said it would provide annual production and cost guidance for 2020 in coming weeks.
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