Production Exceeds 2020 Guidance In Ghana
Galiano Gold Inc. (TSX: GAU) is celebrating its success in exceeding annual production guidance for the Asanko Gold Mine (AGM) in Ghana, West Africa.
The AGM is a 50:50 joint venture (JV) with Gold Fields Ltd, which is managed and operated by Galiano.
Q4 and full year 2020 Highlights for the Asanko Gold Mine include:
- Annual gold production of 249,904 ounces, exceeding the upper end of 2020 production guidance of 225,000 – 245,000 ounces, with 65,571 ounces produced in the fourth quarter.
- Highest recorded annual revenue of US$418.1 million generated from gold sales of 243,807 ounces at an average realized price of US$1,711/oz in 2020. Revenue of US$111.1 million generated from gold sales of 60,655 ounces at an average realised price of US$1,828/oz in the fourth quarter.
- The processing plant delivered a record annual milling performance with throughput of 5.9 million tonnes (Mt), at an average plant feed grade of 1.4 g/t. The processing facility continued to deliver metallurgical recovery above design, achieving 94% recovery. Processed 1.4Mt of ore with an average gold grade of 1.5 g/t in the fourth quarter.
- The preliminary all-in sustaining costs (AISC) of US$1,115/oz for 2020, below revised guidance (as of Q3 2020) of US$1,150/oz, and ofUS $1,179/oz for the fourth quarter.
- $75 million to the joint venture participants through cash distributions in 2020.
Galiano CEO,Greg McCunn, said production is expected to remain stable at 225,000 to 245,000 ounces in 2021.
“Production returned to more usual levels at the Asanko Gold Mine in Q4, as planned, resulting in a strong finish to 2020. For the second consecutive year, the AGM was able to exceed annual production guidance and maintain stable all-in-sustaining costs despite the impacts of COVID-19, Mr McCunn said.
“It was also a very successful year for exploration at the AGM, with additional resources delineated at the Akwasiso pit allowing mining to continue through 2021 while infill drilling is being completed to support a maiden resource estimate at Miradani North.”