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Orvana forecasts up to 95,000 ounces of gold output in FY'17

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Orvana forecasts up to 95,000 ounces of gold output in FY'17

Orvana Minerals Corp. forecast gold production of between 85,000 ounces and 95,000 ounces in fiscal 2017, compared to 65,785 ounces produced in fiscal 2016.

Copper production in the next year is expected at between 13.0 million pounds and 14.0 million pounds, while silver production is estimated to be 300,000 ounces to 350,000 ounces.

In fiscal 2016, copper production totaled 14.7 million pounds, and silver output reached 525,934 ounces, the company said on Dec. 13.

The company's cash operating costs per ounce of gold are estimated at between US$1,050 and US$1,150, and all-in sustaining costs per ounce of gold are expected at between US$1,300 and US$1,400 in 2017.

Cash operating costs in fiscal 2016 totaled US$1,082 per ounce of gold, and all-in sustaining costs stood at US$1,428 per ounce of gold.

Orvana forecast total CapEx at between US$27,000 and US$30,000 in fiscal 2017, compared to US$14,977 in fiscal 2016.

The cost guidance for fiscal 2017 includes byproduct commodity prices of US$2.00 per pound of copper and US$18.00 per ounce of silver, according to the statement.