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SEMAFO meets FY'16 gold output guidance, sees lower output in 2017

SEMAFO Inc. on Feb. 1 reported 2016 production of 240,200 ounces at an all-in sustaining cost of US$720 per ounce at its Mana gold mine in Burkina Faso.

The company's forecast for 2016 stood at between 225,000 ounces and 245,000 ounces at all-in sustaining costs of between US$720 per ounce and US$760 per ounce.

Gold sales for 2016 totaled 240,600 ounces of gold, resulting in annual revenues of US$300 million, according to a Feb. 1 release.

This compares to output of 255,900 ounces and sales of 258,600 ounces of gold in 2015.

In the fourth quarter of 2016, Mana produced 55,100 ounces of gold at an all-in sustaining cost of US$694 per ounce.

In 2017, SEMAFO expects to produce 215,000 ounces to 235,000 ounces of gold at all-in sustaining costs between US$795 per ounce and US$835 per ounce.

Capital expenditure in 2017 is estimated at US$46 million, while the initial exploration budget is set at US$23 million.

The general and administrative expense for 2017 has been forecast at US$14 million.