WAF continues down path of gold mining success

WEST African Resources is on track to meet 2021 guidance of 250,000 to 280,000 ounces of gold production at all-in sustaining costs of less than $800 per ounce.
WAF continues down path of gold mining success WAF continues down path of gold mining success WAF continues down path of gold mining success WAF continues down path of gold mining success WAF continues down path of gold mining success

Plenty of gold coming out of the Sanbrado procesing plant, Burkina Faso

That came after June quarter production of 63,610oz at AISC of $928/oz from its Sandbrado operation in Burkina Faso.

The company has reached targeted production from the key high-grade M1 South underground mine of 1000t per day over the past six weeks.

Slightly higher costs in the quarter and forecasts of costs for the year being at the higher end of the $720-800/oz range provided share traders with their required impetus.

Meanwhile, WAF repaid Taurus $51 million in debt during the quarter to reduce its liability to $111 million, with notional net debt decreasing by $19 million to $57 million.

WAF currently aims to be debt free in the first quarter of 2022.

Once that is achieved the payment of dividends of share buybacks are among the capital management options that will be considered.

Shares in WAF were down 4% in morning trade to A$1.06, capitalising the company at $940 million.