Asanko sales gold at $1,247/oz

FY2018 gold sales of 227772 ounces

Asanko Gold reports fourth quarter and full year, FY 2018 operating and financial results and provides 2019 guidance for the Asanko Gold Mine (AGM), located in Ghana, West Africa.

Asanko Gold Mine of 100% basis registers gold production of 223,152 ounces at AISC1 $1,072/oz, exceeding 2018 production guidance and within the lower end of cost guidance in 2018. FY2018 gold sales of 227,772 ounces at an average realized price of $1,247/oz, generating gold revenue of $283.9 million, including by-product sales and after capitalization of gold sales related to pre-production activities at Esaase.

For FY2018, the JV generated operating cash flows of $72.5 million and $100.5 million in operating cash flows before working capital changes. Q4 2018 gold production of 59,823 ounces at AISC1 of $1,072/oz and Q4 2018 gold sales of 61,821 ounces at an average realized price of $1,215/oz, generating gold revenue of $74.2 million, including by-product sales and after capitalization of gold sales related to pre-production activities at Esaase yet, for Q4 2018, the JV posted a net loss after tax of $3.1 million.

Commenting on the Q4 and FY 2018 performance, Peter Breese, President and CEO, said: “The Asanko Gold Mine delivered a fourth consecutive quarter of strong operating performance, enabling the mine to set a new production record for the year, which exceeded guidance and met the lower end of cost guidance.

Looking to the year ahead, the Asanko Gold Mine is targeting 225K to 245K ounces of gold production at AISC 1 of $1,040 – $1,060/oz for 2019. Whilst forecasted AISC 1 for 2019 is in line with 2018, they include a continued investment on the large Nkran pushback, which will be complete in 2019, resulting in high strip ratios for the year.”