- Roxgold Inc (TSX:ROXG) have posted its 2020 Q1 production report
- The company’s throughput has exceeded quarterly projections by 26 per cent
- Roxgold, which mines in West African, produced 32,380 gold ounces at an average of 8.7 grams per tonne during the quarter
- The company had two contractors test positive for COVID-19, when they presented to work at the Yaramoko site in March
- At the previous market close, Roxgold (ROXG) was trading at C$0.83 per share and has a market cap of $300 million
Roxgold Inc (TSX:ROXG) have announced the production results for Q1 2020, with throughput exceeding the company’s estimates by 25 per cent.
Roxsgold operate the Yaramoko Mine Complex in Burkina Faso and have a few other development and exploration projects around West Africa.
The Yaramako Mine proceed 32,380 ounces of gold in Q1 2020, at an average grade of 8.7 grams per tonne.
The quarterly throughout put of 1,383 tonnes per day resulted in a total of 125,879 tonnes for the quarter.
The company expanded their net cash and equivalents to C$50 million at the end of the quarter, giving the company a boost in liquidity to ride out any COVID-19 related shutdowns.
Roxgold’s CEO, John Dorward said Yaramoko continued to operate well during these challenging times.
“Mining and production activities have continued uninterrupted, which is a testament to the dedication and fortitude of our team at site.
“The Yaramoko operation has bolstered its safeguards and risk mitigation efforts to limit the impacts of the virus, while the company has strengthened its liquidity position in order to mitigate the exposure to operating and financial risks in the market,” he said.
Tonnage and grade figures for the quarter both came in above expectations, with throughput figures some 26 per cent higher than anticipated.
In regard to COVID-19, the company’s money maker Yaramoko suffered some disruption but now appears to be operating as normal.
The company had two contractors test positive for the virus when they presented to work at the mine site in March.
This led to contact tracing a host of other Yaramoko employees were self-isolated along with the two employees who presented with symptoms.
The company’s response has meant all employees affected by that exposure have now tested negative and returned to work.
Roxgold are one of the few companies testing employees upon entrance to the site, to further mitigate exposure on site again.
At the previous market close, Roxgold (ROXG) was trading at $0.83 per share and has a market cap of $300 million