Robex reports gold production decline in Mali in first quarter
(Kitco News) - Robex Resources (TSXV: RBX/FWB: RB4), a gold mining company focused on Mali, reported today that in 2020, the company’s gold sales were $120.8 million compared to $99.2 million in 2019. Operating income was $48.5 million compared to $21.4 million in 2019.
Cash flows from operating activities were $65.1 million or $0.111 per share compared to $51 million or $0.088 per share in 2019.
Robex pointed out that 2020 was an exceptional year for the company with two significant events that contributed to a significant re-rating of its share price during the year: the increase in the projected mine life from 4 to over 10 years, and the successive payment of 2 dividends representing $0.06 per share.
The company said that for the first quarter of 2021, the Nampala mine achieved gold production of 10,642 ounces, a 29% decline compared to 14,918 ounces of gold in the first quarter of 2020. The plant processed 472,410 tonnes, corresponding to a daily average of 5,355 tonnes, at an average grade of 0.76 g/t compared to 1.10 g/t for the same period in 2020.
The company added that over the coming quarters new equipment will be commissioned and further improvements will be made to the operation.