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Asanko Gold Mines pays $10m to JV partners, Galiano Gold, Gold Fields in Q1
GALIANO Gold, the Toronto listed gold miner, said it received $5m in a first quarter dividend from its one-half stake in Asanko Gold Mines (AGM) in Ghana.
The other half of AGM is owned by Gold Fields, the Johannesburg-headquartered gold mining firm. Galiano Gold is the operator of AGM. AGM paid $75m in dividends to the joint venture partners in its 2020 financial year.
The company sold 62,925 oz at an average gold price of $1,757/oz, and generated $110.6m in revenue for the March quarter, ending it with $65m in unaudited cash and receivables ($10.3m) following the dividend.
The company has no debt. However, the cash includes $15m drawn down from a $30m revolving credit facility.
AGM produced 59,999 ounces of gold in the first quarter in line with 2021 guidance. Galiano Gold has guided for gold production of 225,000 to 245,000 oz in the 2021 financial year at an all-in sustaining cost of between $1,100/oz to $1,300/oz.
Galiano reported 2020 gold production of 249,904 oz which was at the high end of guidance. This was following a strong fourth quarter in which it produced 65,571 oz.
Greg McCunn, CEO of Galiano Gold, said today that AGM continued with its exploration program with the focus falling on its 'step out' drilling at the Miradani of the Asanko mine. "Additionally, as a result of the successful 2020 exploration program, we are advancing stripping at Akwasiso Cut 3,"he added.