Galiano Gold Inc (Asanko Gold)
Galiano Gold Inc (Asanko Gold)
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The Asanko Gold Mine J/V in Ghana, W Africa, has posted another record milling/production qtr with June 2020 qtr (Q2 20) gold production (100% basis) up to 69,772oz from Q1 20’s 66,333oz on the processing of a record 1.64Mt of ore from 1.4Mt.
Record Mar 2020 qtr (Q1 20) gold production from the Asanko Gold Mine in Ghana, West Africa, to 66,333oz from Q4 19’s 66,112oz has lifted 50% J/V partner Galiano Gold’s (formerly Asanko Gold) after tax profit for the qtr to $US21.8M from Q4 19’s $21.2M loss.
Adjusted net income jumped to $21.9M from $900,000 on revenue up to $104.8M from $97.1M, income from mine operations to $48.4M from $9.1M, albeit with cash from operations easing to $37M from $45.4M and adjusted EBITDA up to $21.9M from $12.6M.
Asanko Gold has posted its best qtr since commercial production began 4-years ago at its Asanko Gold Mine in Ghana in W Africa, posting record Mar 2020 qtr (Q1 20) gold production (100% basis) of 66,333oz from Q4 19’s 66,112oz with AISC down to $US805oz from $969oz.
Asanko Gold’s 50/50 J/V Asanko Gold Mine in Ghana with Gold Fields has posted record Dec 2019 year (FY/CY19) gold production of 251,044oz from FY/CY18’s 223,152oz (100% basis), exceeding the upper end of 225,000oz-245,000oz guidance.
The output resulted in record proceeds of $US342.4M from gold sales up to 248,862oz from 227,772oz at an average realized price up to $1,376oz from $1,247oz. Preliminary AISC were 5% above guidance of $1,040-$1,060oz at $1,112oz.
Despite attributable Sept 2019 qtr (Q3 19) gold production down to 523,000oz from Q2 19’s 541,000oz, South African-based Gold Fields has lifted revenue (excluding Asanko) to $US1.46B from $1.29B.
However, FY/CY19 attributable gold equivalent production is now expected to be at the upper end of expectations of 2.13Moz-2.18Moz, at AISC $US980oz-$995oz and AIC of $1,075oz-$1,095oz.
Gold Fields now eyeing the top end of FY/CY19’s 2.13Moz-2.18Moz guidance, despite Q3 19 gold production fall
A $US128.3M impairment on Asanko Gold’s half of its 50/50 JV with Gold Fields on the Asanko Gold Mine in Ghana, has helped push the company to a $147.5M net loss for the Sept 2019 qtr (Q3 19) from Q2 19’s $6.1M profit.
Adjusted net income was $800,000, with adjusted EBITDA down to $9.4M from $12.4M
The 50/50 Asanko Gold/Gold Fields Asanko Gold Mine J/V in Ghana, has posted record gold production of 62,440oz in the Sept 2019 qtr (Q3 19) from Q2 19’s 62,067oz and is on track to meet FY/CY19 production guidance of 225,000oz-245,000oz.
The 50/50 Asanko Gold J/V with Gold Fields in Ghana, West Africa, has lifted Mar 2019 qtr (Q1 19) gold output from the Asanko mine to 60,425oz from Q4 18’s 59,823oz, nicely on track for FY/CY19 production of 225,000oz-245,000oz from FY18’s 223,152oz.
The increase at the Asanko Gold-operated mine was on ore mined up to 1.51Mt from 1.37Mt, but processed ore down to 1.22Mt from 1.24Mt and an average steady gold grade of 1.6g/t.
Despite increased Dec 2018 year (FY/CY18) gold production from the Asanko mine in Ghana, the J/V has posted a net loss of $US124.9M from a 12.6M profit the previous year, with an adjusted profit down to $2M from $12.6M after accounting for a $126.9M fair value adjustment associated with the JV.