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 $102.87 million.
We're pleased to provide a production update from our Sanbrado Operations for the March 2024 quarter, with the project delivering another solid quarter of gold production.
— West African Resources (@WAFresources) April 4, 2024
Read the full release here: https://t.co/fhDrhfeXng$WAF pic.twitter.com/Es2pHvyAKu
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.
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
Nigeria’s fintech landscape has undergone a seismic shift in recent years, driven largely by persist...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
• Benin’s FeexPay and Côte d’Ivoire’s Cinetpay receive BCEAO payment service licenses• Both firms ex...
• Ousmane Sonko urges Senegalese abroad in Milan to back new diaspora bonds funding the PRES.• Bonds offer 3–10 year maturities with yields of 6.4%–6.95%,...
With the Central African Republic's next presidential election approaching and the country facing a fragile economic climate, the opposition is working to...
• Qatar’s Baladna to build $3.5B dairy complex in Algeria• 117,000-hectare farm to house 270,000 cows, cut imports• Project targets late 2027...
With about 600 million people lacking electricity access in Africa, nearly half the continent's population, power outages are a frequent part of daily...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...
• Nigeria to turn Abuja stadium into culture, sports innovation hub• Project includes museum, arenas, markets, and youth creative center• Gov’t...