Sanbrado tracking to higher end of WAF's guided gold production
Successful Burkina Faso miner delivering output and growth
West African Resources says its Sanbrado operation in Burkina Faso is tracking towards the higher end of forecast gold production for the year after second-quarter output of 51,049 ounces took the first half scoreboard to 107,644oz.
Guidance for 2024 is 190,000-210,000oz.
Gold sales in the June quarter of 52,445oz took Sanbrado's sales for the half to 101,954oz at an average price of US$2199/oz.
Costs will be reported later this month in WAF's formal June quarter report to the ASX.
All-in sustaining costs in the March quarter were $1291/oz.
WAF had A$484 million in cash and bullion as of June 20.
Earlier this month, WAF unveiled a $150 million equity raising at $1.37 per new share.
It is building a second operation in Burkina Faso called Kiaka that is expected to double annual output to more than 400,000ozpa from mid-decade.
Debt of US$265 million is in the funding mix for Kiaka.
Shares in WAF were little changed at A$1.40 in morning trade, capitalising the company at $1.47 billion.
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