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Semafo cuts FY'19 gold production guidance; Q2 output, sales swell YOY

Semafo Inc. lowered its full year gold production guidance following a pit-wall failure at its Mana gold operation in Burkina Faso even as second quarter gold production surged 118% year over year.

The company now expects to produce 350,000 ounces to 380,000 ounces of gold in the year, compared to the previous guidance of 390,000 ounces to 430,000 ounces. The forecast for all-in sustaining costs was maintained at US$685 per ounce to US$735/oz.

Semafo said Aug. 6 its gold production in the quarter rose to 99,800 ounces, from 45,700 ounces produced in the prior-year second quarter. All-in sustaining costs in the quarter declined 34% on a yearly basis to US$732/oz.

Sales in the three months swelled 128% year over year to 102,700 ounces, as average realized prices improved 1% to US$1,313/oz.

The company swung to an attributable net income of US$15.7 million in the quarter, from a year-ago loss of US$10.4 million. Revenue for the three months climbed 131% year over year to US$135 million.