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EYEBROW

29 September 2017
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EYEBROW

26 September 2017

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Finance > Profit-loss

Guyana Goldfields Q4 production surges

The best quarter to date at Guyana Goldfields (CN:GUY) Aurora mine has helped the company reach the lower end of its 2017 guidance range.

Staff reporter

Finance > Profit-loss

Guyana Goldfields Q4 production surges

The best quarter to date at Guyana Goldfields (CN:GUY) Aurora mine has helped the company reach the lower end of its 2017 guidance range.

Staff reporter

Guyana Goldfields Q4 production surges

Guyana Goldfields posted a number of records at the Aurora mine in the December quarter

Guyana had a record December quarter in terms of ore mined, tonnes milled and gold produced, coming out at 714,500 tonnes, 552,600t and 48,900 ounces, respectively. The latter was 7,900oz higher than it posted in the previous quarter.

In December, the company also hit a new record in terms of gold recoveries, averaging 92.6%.

These records allowed the company to post 2017 production of 160,500oz, narrowly above its guidance of 160,000-180,000oz.

Scott Caldwell, CEO of Guyana Goldfields, said the company had managed to post these numbers, despite four schedued down days in November for a mill liner change.

He added that the operational improvements and capital investments the company made throughout the year to the mining fleet, bulk emulsion delivery system and logistics haulage fleet should translate to lower unit costs for the December quarter and beyond.

The company, which only commenced commercial production at Aurora in January 2016, expects to issue a new mine plan along with 2018 production, cost guidance and an updated reserve and resource for Aurora later this quarter.

"We look forward to continuing this strong performance into 2018 by delivering an improved mine plan that reduces overall capital and operating costs and further improves cash flows," Caldwell said.

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