GAU - Galiano Gold set to resume Asanko mine operations in Q4

2023-06-30 15:23:19 ET

Galiano Gold ( NYSE: GAU ) +2% in Friday's trading after saying it is progressing toward resuming hard rock mining operations in Q4 at the Asanko gold mine in Ghana.

The company said the Asanko joint venture conducted a competitive tender process and selected a preferred contractor to resume mining operations.

The JV will follow the new mine plan as described in a 2023 feasibility study, which outlined an 8.5-year life with an after-tax net present value at a 5% discount rate of $343M, with annual gold production roughly doubling from the 2023 guidance of 100K-120K oz to 250K oz/year from 2025.

Galiano Gold ( GAU ) is operator of the 50-50 Asanko joint venture with Gold Fields ( GFI ).

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