Westgold hitting production and cost targets
PERTH (miningweekly.com) – Gold miner Westgold Resources on Tuesday told shareholders that gold production for the first half of the 2023 financial year was tracking towards the top-end of the guidance of between 120 000 oz and 130 000 oz.
All-in sustaining costs for the same period is tracking towards the lower end of the cost guidance of between A$1 900/oz and A$2 100/oz.
The company told shareholders that after a record year of gold production and achieving its FY22 guidance of 270 088 oz of gold, Westgold has been proactively reviewing the cost structure across its Western Australian assets and has implemented aggressive efficiency optimisation initiatives to address the erosion of operating margin caused by rampant cost inflation seen across the industry.
“Westgold is optimising all critical processes across the business to drive efficiencies in parallel with investing in the future. Our safety statistics are trending in the right direction and our team continues to rapidly reset our cost base and deliver production,” said MD Wayne Bramwell in a statement.
“In conjunction with positive operational improvements, a targeted nine-rig drilling programme is successfully extending planning horizons across our key mines, which will support long-term growth and profitability. When the current inflationary environment inevitably subsides, companies like Westgold who have made proactive financial decisions will be the first to benefit, and as such Westgold is positioning itself to take advantage of emerging opportunities into 2024.”
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