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Toro's Mako exceeds H1 targets

Private West Africa-focused gold producer Toro Gold had a productive January-June period, completing construction of the Mako mine in Eastern Senegal and exceeding production, sales and processing targets.
Toro's Mako exceeds H1 targets Toro's Mako exceeds H1 targets Toro's Mako exceeds H1 targets Toro's Mako exceeds H1 targets Toro's Mako exceeds H1 targets

Toro Gold's Mako mine in Senegal is exceeding expectations

Staff reporter

As the period began, the Mako mine was completed ahead of schedule and under budget, with first gold poured on January 26 and design levels of performance achieved within a month from the pour.

The company mined 1.4 million tonnes of ore during the six-month period, compared to its target of 1.1Mt, and processed 859,000 tonnes of ore at a grade of 2.59g/t gold, up from a budget of 760,000t at 2.66g/t Au.

Ore stockpile levels at the end of June were 965,000t an average grade of 1.52g/t Au for contained gold of around 47,000 ounces.

Toro recovered 68,229oz of gold during the half-year compared to the budget of 59,650oz, while gold sales were 62,900oz at an average price of US$1,300 per ounce, compared to a budget of 58,250oz.

The company said metallurgical recoveries exceeded 95% against the forecast 92%, while average cash costs were $745/oz, down from a budgeted $875/oz, inclusive of royalties.

CEO Martin Horgan said the transition from construction to commissioning and then onto operation had been "smooth and seamless," with the company was on track to reach the full-year target of 134,000oz.

The company is also halfway done with its 15,000m, 60-hole core drilling programme to provide an updated mineral resource for Mako. The programme is expected to be completed in the December quarter.

"The second half of 2018 will see a continued focus on the optimisation of the mine to maximise operational efficiencies, identify possible cost reductions and mine life extensions," Horgan said.