Asanko achieves solid quarter at Ghana mine

JOHANNESBURG (miningweekly.com) – A solid quarterly performance was recorded at NYSE-listed Asanko Gold’s eponymous mine in Ghana, which produced 51 550 oz in the fourth quarter of 2017.

Asanko CEO Peter Breese on Thursday noted that this helped the company achieve its revised 2017 guidance, with full-year production of 205 047 oz.

During the quarter, the miner opened up and started ore mining operations at its second satellite deposit, Dynamite Hill, recording milling rates by the processing plant, which achieved the design throughput rate of five-million tonnes a year on a yearly basis for December.

This was despite lower oxide tonnes being fed to the mill than designed for, and high metallurgical recovery, which continued to be above design at 94% at these elevated mill throughput rates.

Asanko sold 49 561 oz of gold at an average realised price of $1 264/oz during the fourth quarter, generating revenue of $62.6-million.

Meanwhile, the company noted that discussions with lenders Red Kite Mining Finance regarding the refinancing of an existing debt facility were progressing.

“We expect to update the market during the first quarter [of this year] on the outcomes of these discussions, along with the publication of the Project Five Million Optimised Plan," said Breese.