Mixed results for Golden Star Resources

Mixed results for Golden Star Resources

Gold mining giant Golden Star Resources registered mixed results in the year under review.

While Wassa mine ended the year strongly, the Prestea mine underperformed as expected, the company said in a statement.

Wassa ended the year with grades improving in quarter 4 (Q4) and throughput remaining ahead of plan. The underground delivered grades of 3.8g/t in Q4, 33% higher than achieved in quarter 3 (Q3)

At Prestea, the mined and milled tonnes in Q4-2019 were lower than the previous quarter given a lower open pit contribution, underground stope availability and sequencing which was partially offset by an increase in grades.

The Q4-2019 production totalled 52,000 ounces, up 4% over Q3-2019.

Full year-2019 production therefore totalled 204,000 ounces, delivering on the upper end of the 190 – 205,000 ounces revised guidance range.

The company said full year-2020 production guidance of 195 – 210,000 ounces is in line with the 2019 performance.

It ended 2019 with $53.4 million of cash.

Commenting, Andrew Wray, President and Chief Executive Officer of Golden Star, said: “The 2019 production performance was in line with the upper end of our revised guidance, thanks to improved performance at Wassa, as expected. While 2019 marked the start of a transformation of the business, 2020 will see Golden Star look to further demonstrate the long-term potential of Wassa, and deliver on a new mine plan at Prestea”.

Golden Star is listed on the New York Stock Exchange in American, the Toronto Stock Exchange and the Ghanaian Stock Exchange.

 

Source: www.classfmonline.com

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