PRECIOUS METALS

West African meets 2022 gold guidance

West African Resources' Sanbrado mine in Burkina Faso produced about 50,000 ounces at all-in sustaining costs of US$1286 an ounce in the December quarter.

West African is getting bigger with plenty of upside in the wings

West African is getting bigger with plenty of upside in the wings

It took full-year production to 229,224oz at AISC of $1086/oz.

Guidance had been 220,000-240,000oz, with production and cost forecasts for 2023 due later this quarter.

Cash at the end of the quarter was A$173 million versus $171 million at the end of September.

Operating cashflow totaled $64 million before a $25 million tax payment.

Meanwhile, the ASX-listed company has started building the US$430 million Kiaka project down the road from Sanbrado in Burkina Faso, with $300 million in debt financing currently being targeted.

Kiaka will add around 220,000oz per annum to West African's profile.

West African is also scoping a second underground mine at Sanbrado's M5 deposit.

Shares in West African were trading this week at A$1.27, capitalising the company at $1.3 billion.

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