WAF focused internally with no M&A interest at the moment

WEST African Resources’ Richard Hyde is keeping watch on other gold projects in West Africa but is seeing nothing at the moment in the ASX-listed space that would constitute a potential development asset of interest.
WAF focused internally with no M&A interest at the moment WAF focused internally with no M&A interest at the moment WAF focused internally with no M&A interest at the moment WAF focused internally with no M&A interest at the moment WAF focused internally with no M&A interest at the moment

Doubling ore production from the rich M1 South deposit a target for West African Resources in the December quarter

Having acquired the Toega deposit earlier this year from Canadian company B2Gold, Hyde told a September quarter conference call today the focus for WAF was on its own portfolio and becoming debt-free by the end of next year.  

Notional debt decreased by US$20 million last quarter to $124 million with WAF having A$102 million cash on hand after operating activities generated $39 million of cash.

The latter came from a 40% increase in production quarter-on-quarter at WAF's new Sanbrado operation to 45,719 ounces at all-in sustaining costs of US$1009 per ounce. 

Commercial production was declared in May.

A new reserve/resource and life-of-mine update is being targeted for late this year, with Hyde suggesting circa-300,000oz was possible next year.

He also believes the high grade M1 South deposit will produce past 2030, with deep drilling underway and the core out of the holes looking good.

Assay results are awaited.

Shares in WAF were up 3% to A$1 in early trade, capitalising the company at $882 million.