Currently viewing Global edition

Alacer upbeat on strong production ahead of first sulphide pour

Dual-listed Alacer Gold (CN:ASR) says it met its original production guidance and beat its all-in sustaining cost guidance for 2017 after a strong fourth quarter ahead of a “pivotal” year.
Alacer upbeat on strong production ahead of first sulphide pour Alacer upbeat on strong production ahead of first sulphide pour Alacer upbeat on strong production ahead of first sulphide pour Alacer upbeat on strong production ahead of first sulphide pour Alacer upbeat on strong production ahead of first sulphide pour

Alacer plans to add to Çöpler’s production this year

Staff reporter

Its cornerstone, 80%-owned Çöpler mine in Turkey produced 168,163 ounces of gold at an AISC of US$685/oz in 2017.

Its 2018 guidance is for 120,000-190,000oz from the Çöpler oxides and sulphides - the 75% complete sulphide expansion project is expected to come online in the third quarter and provide 20 years of production.

President and CEO Rod Antal said initial mining at Çakmaktepe, about 5km away and where a maiden reserve was established in December, was also expected to begin in the fourth quarter.
 
Alacer has put heap-leach production guidance of 70,000-90,000oz for both Çöpler and Çakmaktepe at an AISC of $750-$800/oz, and production guidance of 50,000-100,000oz for sulphide plant gold, on a 100% basis.

Some $237 million of growth capital expenditure is planned for this year, including Alacer's $180 million attributable to the sulphide project, $3.5 million to complete the Gediktepe definitive feasibility study due in June and $2 million to bring Çakmaktepe into production.

The company expects $11.4 million to be spent on its exploration portfolio in Turkey this year, of which $6 million is attributable to Alacer.

The company had $203 million in cash and debt of $250 million at the end of the year.

Shares in the company were up 3.7% in Toronto yesterday to C$2.24 and were up a similar amount in Australian trade this afternoon.