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Golden Star flags lower FY'19 gold output, higher costs

Golden Star Resources Ltd. on July 31 cut its production guidance for the full year to between 190,000 and 205,000 gold ounces, from 220,000 to 240,000 gold ounces, and increased its all-in sustaining cost guidance to between US$1,100 per ounce and US$1,200/oz from between US$875/oz and US$955/oz.

Shares fell from C$5.68 at the close of trading July 30 in Toronto to a low of C$4.41 on July 31 before recovering to C$4.70 by trading close the same day. Its shares were trading at C$4.48 late afternoon Aug. 2.

These changes come as the company reported a 21% year-over-year fall in gold production to 48,422 ounces for the second quarter due to lower-than-expected production at its Wassa and Prestea gold mines in Ghana. Year-ago production for the quarter was 61,209 ounces.

Golden Star signed a commitment letter for a US$60 million senior secured credit facility with Macquarie Bank earlier in the month and expects to close the facility during the third quarter.

The company plans to use the funds to refinance certain loans and a vendor agreement with Volta River Authority as well as for general corporate purposes. It has a final maturity date of March 31, 2023.

The company recently appointed Andrew Wray president and CEO and Graham Crew COO.