Golden Star registers $78m change in fortunes for 2017

GOLDEN Star closed the book on a successful 2017 financial year posting an attributable profit of $38.8m, equal to 10 cents per share, compared to a 13 cents/share loss or $39.6m loss in the previous financial year – a performance the firm’s president and CEO, Sam Coetzer said was down to strong production numbers.

“In 2017 Golden Star ramped up two underground mines and achieved or outperformed our full year guidance on all stated metrics,” Coetzer said in a statement. Shares in the company edged just under a percent lower on the Toronto Stock Exchange. Production at some 267,565 ounces was 38% higher year-on-year.

Golden Star produces gold from its Wassa and Prestea gold mines in Ghana. Both mines had previously been in operation until current Golden Star management set about optimizing and redeveloping them. Golden Star has a consolidated cash balance of $27.8m as of December 31. 

Said Coetzer: “In 2018 we will seek to build on these achievements as we look to reduce our costs further, to strengthen our financial position and to deliver more value for all of our stakeholders. Wassa Underground and Prestea Underground are our two cornerstone assets and through exploration we will look to find additional sources of high margin ore to increase production and to grow our company further.”