ASANKO Gold, a Toronto-listed gold producer operating in Ghana, reported half year production of some 101,731 ounces, exceeding the upper end of its guidance for the period which was between 90,000 to 100,000 oz, the company said in its second quarter and interim report published on August 2
Peter Breese, president and CEO of Asanko Gold, said the performance was down to the mill’s “fantastic performance” and the resumption of steady-state operations at Nkran. “We are well positioned to meet our H2 2018 and full-year guidance,” he said. Asanko Gold forecast full year production of 200,000 to 220,000 oz at an all-in sustaining cost of $1,050 to $1,150 per oz.
In terms of the firm’s second quarter financial performance, it registered a net loss of $142.3m which was solely down to the recognition of a loss of $144.6m following the reclassification of Ghanaian subsidiaries held for sale.
Asanko Gold sold 50% in Asanko Gold Mines, the local subsidiary, to Gold Fields establishing a joint venture with the South African firm. In addition to participation in a rights offer by the listed firm, Asanko Gold, the total value of Gold Fields’ investment in Asanko Gold and Asanko Gold Mines was about $202m.
As a result of the investment, however, Asanko Gold is now debt free having repaid long-standing lender, Red Kite, an investment firm.
