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Alliance News

Serabi Gold Shares Rise On Strong First Quarter Performance

Wed, 15th May 2019 11:26

LONDON (Alliance News) - Shares rose in Serabi Gold PLC as it reported a rise in profit, revenue and gold production in the first quarter of 2019, along with a reduction in unit costs.

Shares in the gold producer were 22% higher at 28.80 pence on Wednesday.

For the three months to the end of March, Serabi's pretax profit rose significantly to USD1.5 million from USD10,786 the year before, on revenue that grew by 24% to USD17.1 million from USD13.8 million.

Operationally, gold production in the quarter increased to 10,164 ounces from 9,188 ounces the prior year, however the average gold price was USD1,287 per ounces, down from USD1,319.

The all-in sustaining cost of production per ounce lowered to USD1,021 from USD1,166 the year before, and the cash cost of production to USD796 from USD907.

Looking ahead, Serabi Gold has maintained its 2019 production guidance of 40,000 to 44,000 ounces, reflecting an increase from 37,108 ounces in 2018.

"These financial results reflect the operational improvements that we have enjoyed with revenue, profit and cash generation all having significantly improved over the same quarter in 2018," said Chief Executive Mike Hodgson.

"With the mine and plant producing and processing broadly consistent tonnages of ore, the key to

profitability is maximising the grade of the ore mined and processed. Whilst the improvements in the last six months to the processed grade have been relatively small, the benefits have been quite significant," Hodgson added.

By Dayo Laniyan;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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