Home Economy Mining sector: figures of Roxgold in 2022 presented

Mining sector: figures of Roxgold in 2022 presented

0

Fortuna Silver Mines Inc released its results for the year 2022 on 15 March 2023. Fortuna Silver Mines Inc operates the Roxgold mine located in Bagassi. The following are the 2022 highlights for Fortuna Silver Mines Inc:

Financially :

  • Adjusted net income of 7.2 million dollars or $0.15 per share for the full year 2022
  • Net loss for the quarter of 160.4 million dollars, or 0.52 dollar per share, after non-cash impairment charges net of tax of 164.5 millions dollars in the last quarter of 2022, totaling a net loss of 135.9 million dollars for the full year 2022
  • Free cash flow from ongoing operations of 4.4 million dollars in the 4th quarter of 2022; totaling 69.2 million dollars for the full year 2022
  • Share buyback of 5.9 million dollars during 2022
  • Liquid assets at 31 December 2022 amounted to 150.5 million dollars.

At the operating level

  • Silver and gold production of 1,746,746 ounces and 64,112 ounces respectively in the fourth quarter of 2022; 6,907,275 ounces and 259,427 ounces for the full year 2022; gold equivalent production of 401,878 ounces for the full year 2022
  • Cash costs per ounce of gold in the fourth quarter of 2022 of 815 $ for the Lindero mine and 818 $ for the Yaramoko mine. Cash costs 1.2 per silver equivalent ounce sold payable of 11.16 $ for the San Jose mine and 12.46 $ for the Caylloma mine.
  • Fiscal 2022, gold ounce sold of 1,142 $ for Lindero and 1,529 $ for Yaramoko
  • Lost Time Injury Frequency Rate (LTIFR) of 0.39 and Recordable Injury Frequency Rate (TRIFR) of 2.32 at year end, with one fatality (see Fortuna press release of 28 January 2022) and five lost time injuries recorded during the year.

On the development front

The construction of the Séguéla project in Côte d’Ivoire was 93% complete at the end of February 2023. The project is on time and on budget. The first gold pour is scheduled for mid-2023.

Jorge A. Ganoza, President and CEO, said: “Fortuna ended the year in line with production forecasts, with only a slight variance from cost forecasts at the Lindero mine despite strong inflationary pressures.  Our company continued to generate free cash flow of 69.2 million dollars and adjusted earnings of 245.5 million dollars in adjusted EBITDA, as well as adjusted net earnings of 42.6 million dollars, or 0.15 $ per share.  Mr Ganoza added: “Looking ahead to 2023, we expect to increase production and reduce costs in the second half of the year as our new flagship Seguela asset comes into production.”

Summary by Elie KABORE

#Mines_Actu_Burkina

Previous articleMrs Lucie Kaboré, married name Kabré, President of the Association of Women in the Mining Sector of Burkina Faso (AFEMIB)
Next articleThe blockade of SOMISA’s mine activities continues on 16 March 2023

LEAVE A REPLY

Please enter your comment!
Please enter your name here