Gold production of 126 990 oz in 2017 exceeded the upper limit of the increased guidance range of 115 000 – 125 000 oz previously announced in September 2017.
The company sold 126 555 oz of gold for its annual gold sales, totalling approximately US$159.4 million
This has delivered a strong balance sheet for the company with a cash balance of approximately $64 million and long-term debt face value balance of $47 million as of 31 December 2017
“2017 was another significant year for Roxgold. In our first full year of operations, we exceeded the upper limit of our increased guidance range, and have ended the year with a strong balance sheet and an exceptional safety record,” comments John Dorward, President and CEO of Roxgold.
“In 2018, our focus will be on continuing to deliver value to our shareholders with the ramp-up of the Bagassi South extension and process plant expansion, and pursuing accretive growth opportunities through the execution of our extensive regional exploration programme.”
“With the development of Bagassi South, our second-high grade underground mine at Yaramoko expected to come online in late 2018, we anticipate production to be approximately 160 000 oz of gold from the two mines over the course of 2019.”
Health and safety in 2017
There were no lost time injuries (LTIs) during the fourth quarter, or in the full calendar year for 2017. In the year there were 2.1 million LTI free hours worked, with a total of 4 million LTI free hours worked as at 31 December 2017.
2018 operational outlook
Roxgold anticipates its 2018 annual gold production at Yaramoko to be between 110 000 and 120 000 oz in 2018.
The mine is expected to produce slightly stronger quarters in Q2 and Q3. In addition, 2018 is expected to see a greater proportion of the mill feed met by stoping activities as opposed to ore development.
Grades from the mine are expected to be in line with those seen in 2017 with an average of 13.7 g/t expected across the year.
In Q3 and Q4, the processing plant tie-ins for the Bagassi South expansion are expected to occur, slightly affecting mill operating time in those periods; however, it is planned that these exercises will largely occur within planned maintenance stoppages.
Feature image credit: Roxgold