Teranga 3Q produced over 104K ounces

 

Revenue grew by 169% in 3Q YoY 

Teranga Gold reported financial, operating and development results for the three and nine months ended September 30, 2020.

3Q 2020 report says, the present figures are compared with the figures of previous year same time and accordingly, 1: 69% increase in gold production to a record 104,773 ounces, 2: 169% growth in revenue to $192.6 million, 3: 348% increase in gross profit to $77.0 million YoY (Year over Year).

Rise in consolidated net profit attributable to shareholders to $9.2 million, or $0.05 per share, compared to net loss attributable to shareholders of $9.7 million or $0.09 per share. Increase in adjusted net profit attributable to share holders1 to $38.8 million, or $0.23 per share, compared to $2.3 million or $0.02 per share.

“The third quarter was record-breaking for Teranga as we started mining high-grade ore at Massawa, delivered solid results at Wahgnion and realized strong gross profit, earnings and cash flow,” said Richard Young, President and Chief Executive Officer.

“We expect to complete our transformation into a low-cost mid-tier producer by year end and will continue to advance our organic growth pipeline in pursuit of our third mine.” 

“Following a strong quarter, we are well on track to achieve our 2020 production and cost guidance,” noted Paul Chawrun, Chief Operating Officer.

 “The addition of Massawa’s high-grade ore is a game changer, transforming the Sabodala-Massawa complex into a top tier gold asset.  Mining and processing of the high-grade ore commenced in the third quarter and we expect a record fourth quarter for Sabodala-Massawa.” 

Mr. Chawrun added, “The Wahgnion plant continues to operate significantly above design and exploration drilling activities commenced at a variety of prospects throughout the mine license and regional properties during the quarter. There is also a considerable amount of exploration work underway at Afema in Côte d’Ivoire, where we have announced excellent initial drill results, and at Golden Hill, for which we recently announced an increase in the mineral resource.”