Gold Road Resources has provided a production and financial update for the Gruyere joint venture for the December 2023 quarter.
The Gruyere gold mine is a Tier-1 50/50 joint venture shared between Gold Road and Gruyere Mining Company, a Gold Fields member that manages and operates the operation.
Gruyere’s total 2023 annual production equalled to about 321,978 ounces (oz) of gold, 160,989oz of which are attributable, meeting the lower end of annual guidance of 320,000–350,000oz.
Gruyere produced about 74,653oz on a 100 per cent basis during the December 2023 quarter, a decrease from the 88,668oz recorded in the September 2023 quarter. Gold Road cited production being impacted by lower mining productivity and unexpected labour availability issues as the reasons for the performance decline.
Gruyere processed 2.2 ore megatons at a head grade of 1.1 grams per tonne of gold and saw a gold recovery of 93.1 per cent for the quarter.
Gold Road said the annual attributable all-in sustaining cost (AISC) will be released alongside the December 2023 quarterly report expected to release later this month.
The gold miner’s gold sales equalled to 37,037oz at an average sales price of $3040 per ounce. Gold doré and bullion on hand on December 31 2023 was about 1989oz.
“Gold Road continues to be unhedged and 100 per cent exposed to the spot gold price,” Gold Road said.
The company’s cash and equivalents have decreased to about $149.8 million, a notable decline from the September 2023 quarter’s $209.3 million, with no debt drawn.
As of December 31 2023, Gold Road holds listed investments with a market value of about $465 million, and a dividend payment adding up to $74.2 million during the December quarter.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
