Alacer Gold announces solid first half gold production

By Daniel Brightmore
Alacer Gold has published second quarter operating and financial results for 2019 delivering a solid first half with production of 188,853 ounces at con...

Alacer Gold has published second quarter operating and financial results for 2019 delivering a solid first half with production of 188,853 ounces at consolidated AISC of $692/ounce.

Rod Antal, Alacer’s President and Chief Executive Officer, stated, “With the continued successful ramp up of the sulfide plant and the dependable delivery from the oxide plant, we are generating significant free cash which has led to a $54mn reduction in net debt to $190mn in the first half of the year. 

"The net debt position of $190mn does not include $20mn of gold sale proceeds received on July 1. Our focus for the balance of the year will continue to be on delivering on our production and cost guidance metrics and the advancement of Ardich.” 

 SEE ALSO:

Alacer Gold declares commercial production at Çöpler sulphide plant, increasing oxide guidance

Alacer Gold Announces Positive Definitive Feasibility Study Results for Turkish Asset

Gold in Action: World Gold Council Releases New Report on Turkey

Read the latest issue of Mining Global here

Operational Highlights:

  • The Company surpassed 21 million hours worked and operated 947 days without a lost-time injury. 
  • Commercial production at the Çöpler sulfide plant was declared as of May 31, 2019. 
  • The Company produced 188,853 ounces of gold through June 30, 2019 with 95,234 ounces produced from the oxide plant and 93,619 ounces produced from the sulfide plant. 
  • Sulfide ore stockpiles at June 30, 2019 represented approximately 742,000 contained gold ounces. 
  • The oxide plant production guidance range increased to 125,000 - 145,000 from 90,000 - 110,000 ounces due to in-pit exploration success, higher recoveries, and positive reconciliation. 
  • Mine site oxide all-in sustaining costs per ounce were $583, mine site sulfide all-in sustaining costs per ounce were $574 & Consolidated allin Sustaining Costs per ounce were $692 through June 30, 2019. 

Alacer is a leading low-cost intermediate gold producer, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya Mining”). 

The Corporation’s primary focus is to leverage its cornerstone Çöpler Gold Mine and strong balance sheet as foundations to continue its organic multi-mine growth strategy, maximize free cash flow and therefore create maximum value for shareholders. The Çöpler Gold Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100km east from Istanbul and 550 km east from Ankara, Turkey’s capital city. 

Share

Featured Articles

The Battle for Control of Rare Earth Minerals Supply Chain

As Australia dilutes China's control of rare earth minerals mines, we look at the struggle for control of the 'magnet minerals' driving clean energy tech

Critical Minerals Driving China's Growing Africa Investments

China's investment in African growing fast as it invests in infrastructure around minerals essential to the global energy transition, especially lithium

Canadian Gold & Uranium Head Top-Ranked Mines

Mining Journal Intelligence 2024 mines report shows gold, uranium, copper & lithium dominating in wake of clean energy drive

Gold Nanoparticle Breakthrough a Sustainability Fillip

Sustainability

South Africa Mining Sector Holds Breath on Nationalisation

Supply Chain & Operations

Worley: The Mining Professional Services Giant

Supply Chain & Operations