Gold miner West African Resources has set a production guidance of between 210 000 oz and 230 000 oz for the 2023 financial year, with the company expected to spend some $27-million to grow its Sanbrado operations, in Burkina Faso.
In the 2022, West African produced 229 225 oz of gold at an all-in sustaining cost (AISC) of A$1 086/oz, spending A$21-million on growth capital and a further A$16-million on sustaining capital.
“Sanbrado’s strong performance is expected to continue with 2023 unhedged production guidance of 210 000 oz to 230 000 oz of gold at an all-in sustaining cost of less than $1 175/oz,” said West African chairperson and CEO Richard Hyde.
The AISC per ounce is forecast to be marginally higher than 2022 mainly owing to the financial assumption that elevated fuel and explosives prices encountered in the second half of 2022 will persist throughout 2023.
“Growth near Sanbrado will focus on getting MV3 ready for development, resource and reserve conversion drilling beneath the existing M1 South underground reserve and exploring the underground potential beneath the M5 openpit reserve,” said Hyde.
“Exploration drilling in 2023 will test targets with potential to provide high-grade oxide feed to Sanbrado. West African Resources is commencing a major growth phase. With the addition of Kiaka to existing operations, West African aims to be a more than 400 000 oz/y gold producer by 2025.”