Teranga 2Q Profit Rises On Record Gold Production
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Teranga Gold Corp. (TSX, ASX: TGZ) posted a higher profit in the second quarter, helped by record gold output. Net income was put at $9.6 million, or 9 cents per share, up from $6.1 million, or 8 cents, in the same period a year ago. Teranga listed record second-quarter gold production of 57,557 ounces, up from 52,540 in the same quarter of 2016. “At the outset of the year, we outlined a list of important milestones for the company and we are now checking off the boxes,” says Richard Young, president and chief executive officer. “We increased reserves at Sabodala, our flagship operation, to 2.7 million ounces, considerably improving our five-year production and cash flow profile. We also reported significant exploration success at Golden Hill, where we made two new gold discoveries and announced encouraging drill results from two new prospects. Our next major milestone is the release of the Banfora feasibility study results…expected in August.” The company is “in good position to achieve our 2017 annual production outlook of between 205,000 and 225,000 ounces of gold and guidance for all-in sustaining costs,” says Paul Chawrun, chief operating officer. Meanwhile, Teranga reports that it has submitted an application for removal from the official list of the Australian Securities Exchange. If approved, delisting is expected around Sept. 14.