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Galiano sees 2021 Asanko output at lower end of guidance - Morningstar

Thursday, 12 August 2021

Galiano Gold Inc. expects full-year production from the Asanko mine in Ghana will be at the low end of its target and costs higher after output fell in the second quarter.

On guidance:

Galiano, which manages the Asanko gold mine that is co-owned by Gold Fields Ltd., said full-year production is now expected to be at the lower end of guidance of 225,000 to 245,000 ounces.

Costs are expected to be $1,350 to $1,450 an ounce, up from earlier expectations of $1,100 to $1,300 an ounce, it said.

On the second quarter:

"It was a challenging quarter for the Asanko gold mine, although production was on plan, all-in sustaining costs were higher than budget due to lower plant feed grades," the company said.

Production fell to 50,421 ounces in the second quarter from 59,999 ounces the quarter before and 69,026 a year earlier.

Galiano said sales from the mine were 43,348 ounces for the period, down from 62,925 in the first quarter of the year and 61,357 ounces in the second quarter of last year.

Cash flow from operations remains positive at current gold prices, and Galiano's balance sheet remains strong, the company said.

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