Teranga Gold Corp: New Wahgnion Mine Delivers Strong First Quarter
May 14, 2020
Elemental Royalties Limited, (“Elemental”), a private company expanding a diversified portfolio of mineral royalties, is pleased to comment on the recent news release by Teranga Gold Corp (“Teranga”). Teranga is the operator of the Wahgnion gold mine located south western Burkina Faso, on which Elemental Royalties holds a 1% NSR royalty.
Elemental is pleased to note that Teranga report a 27% increase in consolidated gold production to 91,312 ounces, driven by a strong first full quarter of operations at Wahgnion.
Gold production from Wahgnion during Q1 2020 was 51,306 ounces, which was higher than planned due to higher throughput rates and positive reconciliation with the geological models. Teranga expects Q1 production be the highest of the year due to increased oxide feed ratio during the dry season and a higher head grade due to pit orientation and ore feed timing. Ore milled in Q1 was approximately 25% higher than planned due to increased throughput in the materials handling and grinding sections of the plant and a higher than average component of oxide to fresh blend ratio. Since achieving commercial production on November 1, 2019, mill throughput has exceeded the plant design.
Due to travel restrictions within Burkina Faso as a result of the COVID-19 pandemic Wahgnion implemented isolation protocols in mid-March, which were lifted the first week of May. All key management positions and sufficient operating personnel have been in place since the isolation commenced, with consumables and supplies continuing to arrive as required. In addition, to mitigate the risk of potential supply disruptions, the site’s strategy has been to increase inventory on site as much as is practical. Gold shipments were a challenge at the onset of the pandemic in mid-March, however, since early April, regular shipments have resumed to refineries in Europe.
The text above is Elemental Royalties’ comment to the operator’s news release and is not included within the original release. The original article is available using the links below.
About Elemental Royalties Limited
Elemental is a private company providing investors with exposure to a dividend-paying royalty company building a diverse portfolio of mining royalties, benefiting from ongoing royalty revenue, future exploration upside and low operating costs.
Since early 2017 Elemental has assembled a portfolio of five royalties over seven commodities in four countries, four of which cover producing mines. Immediate cash-flow has enabled the Company to limit dilutive fund-raisings to facilitate royalty acquisitions, and to pay a dividend from inception.
Elemental’s focus remains on securing royalties over advanced assets with established operators and credible counter-parties from a robust pipeline of potential royalty acquisitions across commodities and geographies.
For further information you are invited to visit the Company’s website www.elementalroyalties.com or contact:
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