21st Oct 2024 14:25
(Alliance News) - Serabi Gold PLC on Monday hailed an increase in gold production as it is set to meet its guidance.
The Brazil-focused gold miner said gold output rose 8.6% to 9,489 ounces in the third quarter of 2024 from 8,738 ounces a year ago.
Serabi Gold shares rose 7.1% to 92.10 pence each on Monday afternoon in London.
Chief Executive Officer Mike Hodgson noted that the third quarter was the company's best quarterly production year to date, adding that the process plant performed "admirably".
The gold grade per tonne reduced to 5.48 grammes from 6.64 grammes a year ago.
The company's cash as at September 30 grew 72% to USD20.0 million from USD11.6 million at the end of 2023.
Looking ahead, CEO Hodgson said: "We are tracking well towards guidance, and with the classification plant progressing according to plan at Coringa, we remain very optimistic for the remainder of the year. We look forward to seeing the classification plant being operational next quarter, and hopefully what will be a great end to the year."
He added: "The classification plant being assembled at Coringa is now close to completion and remains on track to being operational during Q4. The company plan to pre-concentrate mined ore at Coringa and truck this preconcentrated product to the Palito plant, 200 kilometres to the north, has been formally documented in the forthcoming updated preliminary economic assessment."
By Tom Budszus, Alliance News slot editor
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