Asanko Reports 4Q Profit After Taxes
Asanko Gold Inc. (TSX: AKG; NYSE American: AKG) reports a fourth-quarter loss due to tax expenses but otherwise a profit. The net loss was listed at $7.1 million, a turnaround from a $4.7 million third-quarter profit, and included higher deferred income-tax expense of $10.1 million. Excluding this and other special items, net income before taxes for was $7.1 million. Gold output from the Asanko mine in the fourth quarter was 51,550 ounces. For full-year 2017, Asanko lists net income of $6.1 million, or 3 cents, a $19.3 million improvement from the 2016 bottom line. Gold production was 205,047 ounces in 2017, within the amended guidance range, the company reports. All-in sustaining costs were put at $1,007 an ounce, above guidance of $920 to 960 due to higher capitalized pre-stripping costs at Nkran, Asanko reports. “2017 was a challenging year and we learned some important lessons from the operational issues we faced,” says Peter Breese, president and chief executive officer. “The introduction of the new resource models at Nkran and Akwasiso, together with a number of new mining and processing systems during [the second half of 2017], are producing the desired results.” For 2018, Asanko is targeting 200,000 to 220,000 ounces of gold at AISC of $1,050 to 1,150, weighted in favor of the second half when ore yields from Nkran are expected to resume steady-state production levels. The company projects annual production for the 2019-2023 period of 253,000 ounces at AISC of $860 an ounce.