Make Kitco Your Homepage

Robex reports gold production decline in Mali in first quarter

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.