Asanko achieves record production in Ghana

18th October 2019 By: Marleny Arnoldi - Creamer Media Online Writer

TSX- and NYSE-listed Asanko Gold generated record revenue of $91-million from selling 63 009 oz of gold in the third quarter, realising an average price of $1 443/oz.

The company produced a quarterly record 62 440 oz from its 50%-owned Asanko gold mine, in Ghana, and is on track to meet its yearly guidance of between 225 000 oz and 245 000 oz of gold.

The average gold grade achieved during the quarter was 1.4 g/t from 1.44-million tonnes milled.

“During the third quarter, we substantially completed the Cut 2 pushback at the Nkran pit of the mine, concluding a significant capital programme that allows the mine to focus on generating meaningful free cash flow.

“Increased free cash flow will strengthen the balance sheet at both the corporate and joint venture (JV) level,” said CEO Greg McCunn.

He added that, during the third quarter, the company received $10-million from its JV partner, JSE-listed Gold Fields, and expected to receive another $10-million on or before December 31, which will further strengthen the corporate balance sheet.