In the third quarter of this year, Orezone Gold reported a decline in gold production compared to the previous quarter, despite processing slightly higher levels of ore. However, the company remains confident in meeting the lower end of its guidance for the full year.
Gold Production:
During this period, gold output dropped to 30,726 ounces, down from 35,482 ounces in the second quarter.
While Orezone processed 1.45 million metric tons of ore, surpassing the 1.4 million tons processed in the previous quarter, the ore grade declined to 0.74 grams of gold per ton, as opposed to 0.87 grams per ton.
According to the company, the impact of historical artisanal mining on ore grades was limited during the first half of the year and was only observed in the month of July during the third quarter. However, there was minimal impact in August and September, with monthly production averaging 11,289 ounces due to pit depths being below that of the affected artisanal horizon.
CEO Statement:
Chief Executive Patrick Downey expressed satisfaction with the third-quarter production results, stating, “Production in 3Q exceeded our expectations, with higher than budgeted mining and processing rates achieved during the rainy season.”
Outlook:
Looking ahead, Orezone Gold anticipates a more favorable outlook for the fourth quarter, now that the rainy season of the third quarter has passed. The company remains well-positioned to meet its 2023 guidance of producing between 140,000 and 155,000 ounces of gold.
