Teranga forecast Q1 gold output of up to 90,000 oz as mines turn in solid performance

Massawa gold mine, Senegal

TERANGA Gold forecast first quarter production of between 85,000 and 90,000 ounces of gold following a period of stable operation at its Sabodala and Wahgnion mines located in Senegal and Burkina Faso respectively.

The company had imposed a voluntary isolation period including restricted access to the mines in the face of the COVID-19 pandemic – a phenomenon that has driven the world’s financial markets to their quickest and worst crash ever.

“Employee health and safety has always been a top priority at Teranga and we are taking extensive precautions in response to the COVID-19 pandemic,” said Teranga president and CEO, Richard Young, in a statement.

“The team has enhanced medical services at each mine site and ramped up infectious disease education, prevention, and management protocols across the company,” he said. There had been no infections of COVID-19 among employees to date.

The integration of the Massawa project was “proceeding on schedule” with ore expected to be processed through the Sabodala mill in the third quarter. Exploration efforts planned for 2020 were also proceeding, the company said.

“To minimise the impact of any potential supply chain disruptions, the company has been building an inventory of critical supplies since January and confirms that supplies are continuing to arrive at both sites,” it said in the statement.

In December, it was announced that Teranga had negotiated the purchase of Massawa from Barrick Gold for $430m in cash and shares.


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