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Serabi Gold Forecasts Improved Production As Brazil Operations Do Well

Tue, 14th Jan 2020 11:14

(Alliance News) - Serabi Gold PLC met annual production guidance, it said on Tuesday, following an "excellent" final quarter.

Serabi, which mines from the Tapajos region of Brazil's Para state, produced 40,101 ounces of gold in 2019, 8.1% higher than the figure in 2018.

Mined ore increased 8.3% to 176,243 tonnes, though the gold grade for the year averaged 7.00 grams of gold per tonne of ore, down from 7.29 grams per tonne in 2018.

In the fourth quarter of 2019, London-based Serabi produced 10,233 ounces of gold, 0.5% higher than the previous quarter but down 0.2% on the same quarter a year before.

"This was another excellent quarter, with over 10,000 ounces produced and resulting in the company having annual production in excess of 40,000 ounces of gold for the first time in our operational history," said Chief Executive Mike Hodgson.

"We have now produced more than 10,000 ounces in five of the last six quarters, demonstrating strong operational consistency."

Serabi has entered the final stages of installing an ore sorter at the operations, which will free up capacity and allow improved production without having to expand processing capacity.

Guidance for 2020 is for between 45,000 ounces and 46,000 ounces of gold, Serabi added.

Shares were flat on Tuesday morning in London at a price of 76.00 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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