Roxgold falls short of guidance, forecasts lower 2020 output
Although TSX-listed Roxgold achieved record quarterly gold production of 41 162 oz in the fourth quarter last year, it nonetheless did not meet its guidance for the year.
The company produced 142 204 oz of gold, falling short of the low end of its guidance of 145 000 oz. This was despite a record plant throughput of 466 157 t in the year, which exceeded nameplate capacity by 16%.
“The Yaramoko gold mine, in Burkina Faso, had an exceptional last quarter with record production and plant throughput averaging over 30% of nameplate capacity. This led to full year production being within 2% of the low end of production guidance mainly due to the timing of mining high grade stopes in December,” said president and CEO John Dorward.
He added that as a result of the strong operational performance, the company generated about $47-million of free cashflow before growth expenditures in the second half of the year.
“This has enabled us to strengthen our balance sheet, finishing the year with approximately $42-million in cash and in a net cash position of $16-million. We are looking forward to an exciting 2020 as we rapidly advance the Séguéla project, with an updated resource expected early this year and a preliminary economic assessment on track for early second quarter.
“Meanwhile, our team continues to pursue additional growth opportunities through our ongoing organic exploration programmes, while keeping our eyes open for further external opportunities.”
Roxgold anticipated its gold production at Yaramoko to be between 120 000 oz and 130 000 oz in 2020.
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