Guyana Goldfields Inc. was able to generate US$140.6M last year from the sale of 148,350 ounces. But this represents a decline as revenues made in the previous year stood at US$161.8M.
The Canadian mining company said that the decline was largely driven by increased mining and processing volumes, lower gold ounces sold from lower average head grade, and increased production costs.
Speaking on the 2018 performance of the company recently was its Chief Executive Officer (CEO), Scott Caldwell. The official said, “For the year we produced about 150,000 ounces of gold; [we] had some trials and tribulations over the course of the year that you should be aware of. But to recap, we had a delay in mobilisation and our mining rate was below plan, requiring us to revise guidance down.”
Caldwell added, “And then late in the year, in the fourth quarter, we encountered, unfortunately, in the Rory’s Knoll (target), the ore reserve model did not perform as we thought it would. And we had to revise downward based on grade contained in Rory’s Knoll. Despite that, we produced 150,000 ounces.”
Further to this, the Chief Executive Officer said that the Guyana Goldfields’ mill is running “very, very well.” He said that it averaged 7,100 tonnes per day in the fourth quarter last year. The CEO said, too, that recoveries continue to improve and it runs well.
Furthermore, Caldwell added that while 2018 was a difficult year, the company’s environmental performance remains good.
The Chief Executive Officer said, “We’re dedicated to the health and safety, the safety of our employees and the protection of the environment. So a difficult year, but we did make 150,000 ounces and generated positive cash flow.”
