Teranga Gold reports a record consolidated gold production of 288,768 ounces for 2019, exceeding the top end of its full-year production guidance at both Sabodala in Senegal and at Wahgnion in Burkina Faso.
Annual production increased by 18% over the 245,230 ounces of gold produced in 2018.
2019 Production Results
“Wahgnion achieved commercial production effective November 1, 2019 and surpassed the high end of its production guidance of 30,000-40,000 ounces with a total of 47,492 ounces of gold," says COO, Paul Chawrun.
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"Sabodala topped its 2019 anticipated production guidance of 215,000-230,000 ounces with a total of 241,276 ounces of produced.
“2019 represents the fourth consecutive year in which we have exceeded our production guidance and reported record results, a testament to the quality of our operating teams.”
Richard Young, President and CEO adds:
“Our recently announced acquisition of the high-grade Massawa project will allow us to transform the Sabodala-Massawa complex into a top-tier producer.
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"We anticipate the Sabodala-Massawa complex, together with our new mine, Wahgnion, will significantly increase our consolidated annual production and support Teranga’s transformation into a low-cost, mid-tier producer.”
Teranga expects to release its results for the fourth quarter and year ended December 31, 2019 during the third week of February, 2020.
2020 Production Guidance
Prior to announcing its acquisition of the Massawa gold project from Barrick Gold, which is expected to close in the first quarter of 2020, the company had been targeting 2020 gold production of between 300,000 and 350,000 ounces based on the latest technical reports filed for each of its Sabodala and Wahgnion gold mines.
However, with production of Massawa’s free-milling ore expected to commence at Sabodala’s existing carbon-in-leach plant in the second half of this year, 2020 production is expected to increase beyond the previously anticipated range.
Within six months of closing the Massawa acquisition, Teranga plans to complete a pre-feasibility study highlighting updated production and costs for the integrated Sabodala-Massawa complex.