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(Alliance News) - Serabi Gold PLC on Monday reported its highest quarterly gold production in 2019, reinforcing confidence of a rise in annual output compared to the year before.
For the three months to the end of September, the gold producer reported 10,817 ounces in gold output, up 26% from 8,101 ounces the same period the year before. For the first quarter of 2019, Serabi's gold production was 10,164 ounces, while in the second quarter it was 9,527 ounces.
The figure takes Serabi's gold production for the first nine months of the year to 29,878 ounces, up 11% from 26,852 ounces the prior year.
During the period, 44,757 tonnes of ore was mined, at a grade of 7.14 grams per tonne of gold.
Serabi said mining and plant throughput rates improved modestly compared to the second quarter.
Looking ahead, the company expects production for 2019 to be between 40,000 to 41,000 ounces, reflecting a 7.8% to 10% rise from 37,108 ounces the year before.
However, this reflects a narrowing of its earlier guidance of 40,000 to 44,000 ounces, last stated in August, with the top of the range being trimmed.
"With 30,000 ounces of gold produced for the year to date, the company is well on course to achieving its best ever annual level of production. With mine production in good order and the additional ounces the tailings treatment is now bringing, I fully expect a good final quarter. Gold prices remain strong, and even stronger in Brazilian reals," said Chief Executive Officer Mike Hodgson.
Shares in Serabi Gold were up 3.5% at 89.50 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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