Profit on the rise
Canada-based gold miner Teranga Gold Corporation has reported capital expenditure of about US$7 million in the first quarter of 2017. The company has assets in West Africa, including the Sabodala Gold mine, Senegal’s only gold mine and mill.
“The second quarter was operationally strong with record second quarter production, putting us in good position to achieve our 2017 annual production outlook of between 205,000 and 225,000 ounces of gold,” said Paul Chawrun, the company’s CEO.
“Beyond solid operating performance at Sabodala, we are nearing completion of the Banfora feasibility study and a construction decision. A new Banfora mine in Burkina Faso is expected to increase company-wide production by more than 50 percent upon completion.”
Teranga expanded its quarterly profit by a robust 57% to some $9.6 million, the miner said. In the first three months of this year, revenues were down 2% at about $72 million.