Guyana Goldfields produces 37,000 ounces of gold for 2nd quarter

– despite 3-day protest by workers

Guyana Goldfields Inc. announced that for the second quarter of 2019, its operations at Aurora Gold Mine have recorded a 45 per cent increase in gold production.
Though a full operational and financial result will be released after-market on July 30, the mining company has reported that it has produced 37,000 ounces of gold for the second quarter of 2019 and a total of 74,000 ounces for the first half of the year.
On this note, the company says that it is on track to achieve its 2019 production, which ranges from 145,000 to 160,000 ounces of gold.
In addition, Guyana Goldfields has recorded a quarterly mill performance of 7,815 tonnes per day, which is actually a 10 per cent increase from the previous year.
Vice President of the Canadian company Suresh Kalathil said that since the Aurora Mill resumed operations following a brief standoff by employees, the company is working towards achieving enhanced economies of scale on a cost per unit basis within defined operating metrics.
“Cost reduction plans initiated this quarter focused on diesel and reagent consumption reduction as part of our operational optimisation efforts to further reduce costs and improve operating efficiencies. We look forward to continuing a mutually beneficial working relationship with all contractors and employees at Aurora… The Aurora mill is back up to full capacity, following the work stoppage from last week, and we continue to demonstrate best practices in health and safety with over 2 million person hours without a lost time injury,” Kalathil said.
Operations at Aurora were shut down on July 3, 2019 because of reported industrial unrest. As a result, three operational days were lost, during which the company had stated that approximately 22,500 mining materials were not processed.
It was reported that a portion of the workforce had blocked a delivery of ore to the mill and so the decision was made to temporarily suspend operations until a resolution was reached with the striking workers. The workers, on the other hand, claimed that they were deprived of getting access to a Wi-Fi connection so that they could be in contact with their families on the coast.
After the three-day standoff and several meetings with the labour department, the workers returned to work and the company said that it is committed to the labour laws.
However, a release issued by the company stated that it will continue with its mine exploration efforts.
“The company allocated US$6.8 million in 2019 for additional surface brownfield drilling, initial underground exploration drilling and the resumption of greenfield exploration for a combined total of approximately 30,000 metres”, the release added.
It further stated that the two diamond drills were in operation during the second quarter completing 18 holes totalling 5,059 metres, bringing the total for the year to 52 holes and 13,001 metres drilled.
Drilling was completed at Mad Kiss, North Aleck Hill and commenced at East Walcott.
Meanwhile, the company’s balance sheet remains strong with an unaudited cash balance of approximately US$38.9 million up to June 30, 2019 with no outstanding debt.