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Teranga posts record 40% production growth in 2020

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(Kitco News) - Teranga Gold (TSX:TGZ; OTCQX:TGCDF) reported Tuesday that the full-year 2020 gold production of 404,460 ounces exceeded the top end of the company’s full-year production guidance range.

Teranga said it produced a “record” 119,364 ounces of gold in the fourth quarter, increasing full-year production to 404,460 ounces of gold in 2020, a year-over-year increase of 40%.

The company added that full-year gold production “topped” the high end of Teranga’s increased guidance range of between 375,000 and 400,000 ounces with both of its operating mines, Sabodala-Massawa and Wahgnion, “meeting or exceeding” each of their respective guidance ranges.

According to the company’s statement, this marks the “fifth consecutive year” that the company has both attained “record annual gold production” and “exceeded production guidance.”

“Teranga’s highly skilled operating teams achieved record production for the fifth year in a row, a testament to their expertise and dedication, as well as the quality of our assets,” said COO Paul Chawrun. “The successful integration of the high-grade Massawa gold project with our flagship Sabodala mine combined with the first full year of operations at Wahgnion resulted in record production for the quarter and year.”

“We have achieved our vision of becoming a low-cost mid-tier gold producer, with two strong operations and a highly prospective organic growth pipeline,” said President and CEO Richard Young. “Our combination with Endeavour Mining is a natural next step for Teranga and will allow our shareholders to benefit further as owners of a best-in-class senior gold producer poised for continued growth.”

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