- 41,301 ounces of gold produced
- 43,139 ounces of gold sold
- Average selling price: 1,892 US$ per oz,
- Revenue generated: 81.6 million $ (49 billion FCFA)
- The mine went into production at the end of 2022
Orezone Gold Corporation presented on 5 April 2023, the production results of its Bomboré gold mine during the first trimester of the year 2023.
Gold production reached 41,301 ounces. Gold sales of 43,139 ounces were achieved at an average price of 1,892 $ per oz, generating sales proceeds of 81.6 million $US, or approximately 49 billion FCFA.
Orezone reports cash of 45.2 million $ (approximately 27.2 billion FCFA) at 31 March 2023, an increase of 36.0 million $ for the trimester. It has repaid 9.8 million $ in capital on senior loans.
Patrick Downey, President and CEO, said : “Following a successful commercial production start-up in the fourth trimester of 2022, the first trimester of 2023 marks a strong first full trimester of production at Bomboré. The Company remains well positioned to achieve its annual production target of 140,000 to 155,000 ounces for 2023, while continuing to reduce its senior debt and improve its cash flow.
During the trimester, the Bomboré plant continued to exceed its design by achieving an average throughput of 13% above design capacity while maintaining an average gold recovery of 92.2%. Work on the sulphide expansion study continued during the first trimester, with metallurgical testing and process flow optimisation now complete. The updated Phase II Sulphide Expansion Feasibility Study remains on track for completion in T3-2023. Finally, we awarded the main installation contract for the power grid connection during the trimester, and orders for key equipment have been placed. Once the connection is energised in late 2023, a significant reduction in current on-site operating costs can be expected.”
Orezone Gold Corporation is a Canadian mining company that operates the Bomboré open pit gold mine in Burkina Faso. Orezone is focused on mining and processing near-surface free-oxide Phase I, with an expected annual throughput of 5.2 million tonnes. The company believes that Bomboré has significant underlying sulphide resources that would allow for a much larger Phase II expansion. The company has recently completed a resource definition drilling programme and plans to release an updated mineral resource, reserve and mine life plan as part of this Phase II expansion. The current study is expected to be completed in the third trimester of 2023, followed by a production decision. Orezone is led by an experienced team focused on social responsibility and sustainability, with a proven track record in project construction and operations, financing, capital markets and mergers and acquisitions, according to a statement issued by the company.
Summary by Pierre Balma
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