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GALIANO Gold, formerly known as Asanko Gold, said 2020 gold production came in at the high end of guidance at some 249,904 ounces. This was following a strong fourth quarter in which it produced 65,571 oz.
The company operates the Asanko gold mine in Ghana and has Gold Fields, the South African headquartered gold producer, as a joint venture partner. Gold Fields is due to post its 2020 annual results on February 18.
Galiano Gold reported its highest annual revenue of $418.1m owing to high gold prices in which the average realised gold price was $1,711/oz. All-in sustaining costs (AISC) were $1,115/oz for the year which was below revised guidance of $1,150/oz.
As a result of the strong market, and contained costs, Galiano Gold generated cash flow of $152.3m enabling its Ghana subsidiary, Asanko Gold Mines (AGM), to pay out $75m to the joint venture partners via cash distributions during the year.
Galiano Gold has guided for gold production of 225,000 to 245,000 oz in the 2021 financial year at an AISC of between $1,100/oz to $1,300/oz.
"Production returned to more usual levels at the Asanko Gold Mine in Q4, as planned, resulting in a strong finish to 2020," said Greg McCunn, CEO of Galiano Gold in a statement. "For the second consecutive year, the AGM was able to exceed annual production guidance and maintain stable all-in-sustaining costs despite the impacts of Covid-19," he said.
Given that AGM operates a single asset, the company has been focusing on developing resource options via a local exploration programme. McCunn said Galiano Gold had found additional resources at the Akwasiso pit which would allow for mining throughout 2021.
Infill drilling was also being completed to support the maiden resource declared at the Miradani North deposit, the company said.