Canadian mining company, Guyana Goldfields reported this week that production for the second quarter was only 28,500 ounces, representing a 24 percent decline when compared to the same period for 2019.
The company told the market that the decline was as a result of lower total tonnes processed with lower grades as it mined out the remainder of the Rory’s Knoll Phase Four mine and reprocessed waste material.
For the first half of the year, it was keen to point out that gold production of 57,500 ounces was 23 percent lower when compared to the same period last year. Guyana Goldfields said this was expected given the gap in the mine plan and the planned period care and maintenance which commenced in the second quarter.
With regard to its cash in hand, the Guyana Standard understands that revenue for the three months ended June 30, 2020, was CN$53.7 million, an increase of $2.9 million compared to the comparable period in 2019 (CN$50.8 million). Guyana Goldfields explained that the increase is due to a boost in the average realized selling price partially offset by a lower volume of gold ounces sold.
For the first half of the year, the company disclosed that it sold 55,600 ounces of gold, a decrease from the comparable period in the prior year of 76,500 ounces sold. Additionally, the average realized selling price for the six months ended June 30, 2020, was US$1,661 (2019 – $1,313). Furthermore, revenue for the year to date period was CN$92.3 million, which is $8.2 million lower than the comparable period in 2019 of CN$100.5 million. The decrease in revenue is due to the lower volume of gold ounces sold.