(Ecofin Agency) - Burkina Faso is one of Africa's biggest gold producers, with Australian company West African Resources operating the Sanbrado gold mine there. Last year, the mine yielded 226,823 ounces, earning the firm over $400 million in revenue.

West African Resources recently released its Q1 2024 production update for its Sanbrado gold mine in Burkina Faso. According to the update, released on April 5th, the Australian company sold 49,509 oz at an average price of $2,078 per ounce, resulting in revenues of $102.87 million.

We're pleased to provide a production update from our Sanbrado Operations for the March 2024 quarter, with the project delivering another solid quarter of gold production.

Read the full release here: https://t.co/fhDrhfeXng$WAF pic.twitter.com/Es2pHvyAKu

— West African Resources (@WAFresources) April 4, 2024

Year-on-year, the revenues are up by 13%, a performance attributed to the rise in the global gold prices, paired with the quantities sold (48,208 oz at an average price of $1,878 per oz). Over the period reviewed, Sanbrado’s output was stable, standing at 56,595 oz, compared to 56,307 oz in Q1 2023. 

West African Resources hopes to produce between 190,000 to 210,000 oz of gold in 2024, compared to 226,823 oz in 2023. With the recent increase in the price of gold, trading at over $2,300 per ounce in early April, the revenues from the Sanbrado mine in 2024 could surpass the AU$657.6 million (US$433 million) generated last year through the sale of 224,970 ounces.

The Sanbrado mine is 90% owned by West African Resources and 10% owned by the Burkinabe government.