Golden Star Resources to continue to invest in business in Ghana -Chief Operating Officer

Golden Star Resources says it is well position to continue to invest and grow its business in Ghana.

According to the mining company, the increase in cash position to $72.7million and the successful refinancing of their Macquarie Credit Facility had offered enough fiscal boost for the company’s operations in Ghana.

Speaking in an interview with a section of the media in Accra on Friday, Mr Graham Crew, Chief Operating Officer, Golden Star Resources, said the company was poised to investing about 350 million dollars in its operation in Ghana in the next five years.

He said its Wassa Mine continues to witness increased investment in infill drilling and development ahead of planned future production expansion.

“The Wassa Mine is an exciting project and we have good support through this. So we do what we can to be a good guest for our host community, we manage the environment, we paid government over 60 million dollars in taxes last year,” he said.

The Wassa Mine Mr Crew said, had had its challenges but was on course to be developed as a world facility adding that the balance sheet was very strong.

“The key thing for us is there are operational challenges but the key thing is focusing on delivering those projects for a longer term and delivering the production growth and getting drill holes into the grounds, getting development and getting the tunnels ahead of the mines and drill in new areas,” he said.

Meanwhile, the company has released its financial and operational results for the Second Quarter as well as half year ending June 30, 2021.

The report revealed that production from their sole operating mine at Wassa totalled 37.9 thousand ounces at a sustaining cost of $1,182 per ounce.

Half year production for 2021 totalled 78 thousand ounces at a sustaining cost of $1,140 per ounce.

The latest figures indicate that Golden Star Resources is on track to deliver on the revised production guidance of between 145 and 155 thousand ounces for 2021.

“Wassa continued to witness increased investment in infill drilling and development ahead of planned future production expansion. Capital expenditure for Wassa in the second quarter of the year total $12m. Cash increased by $6.6m in the Second Quarter of 2021 to total $72.7m at June 30, 2021, with net debt reducing to $31m,” the report said.

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