Canadian mining company, Guyana Goldfields Inc., has projected that its 2019 gold production will be between 145,000 and 160,000 ounces.
The company noted that the mid-point of production guidance is slated to be 152,500 ounces, which, if achieved, would represent an increase of 1.4% from 2018. The company said it expects production will be evenly weighted in the first and second half of the year.
As for the mining rate, Guyana Goldfields said that this is expected to average 70,000 tonnes per day (tpd) through the year, with the primary ore sourced and development stripping at its Rory Knoll pit.
Further to this, it was noted that the company’s mill is expected to run at an average of 7,000 tpd with recoveries expected to average 91.8%. Operating costs (including depreciation) and all-in sustaining costs are expected to be US$1.1B. Nonetheless, it said that management will continue to actively pursue initiatives to lower costs.
In fact, some cost-saving initiatives have already been executed in the early part of 2019 with the completion of the Phase Two mill expansion and the reduction of the expatriate workforce.