Teranga Gold reported on Tuesday that it has exceeded its full-year production guidance and achieved record annual production during 2020, marking the fifth consecutive year that the company has accomplished both feats.
During the fourth quarter, Teranga produced a record 119,364 oz. of gold, increasing its full-year production to 404,460 oz. in 2020, a year-over-year increase of 40%.
The full-year gold production topped the high end of the company’s increased guidance range of between 375,000 and 400,000 oz., with both of its operating mines, Sabodala-Massawa and Wahgnion, meeting or exceeding each of their respective guidance ranges. The original 2020 production guidance range of 345,000 to 355,000 oz. was adjusted upward mid-year.
Sabodala-Massawa produced 229,199 oz. of gold in 2020, around the mid-point of its revised production guidance range of 225,000 to 235,000 oz., but well above the original guidance of approximately 215,000 oz. issued at the beginning of last year.
Following commercial production at Massawa on Sept. 1, 2020, high-grade Massawa ore was prioritized for processing through the Sabodala mill, resulting in a record 79,239 oz. of gold produced in the final quarter of the year.
During its first full year of commercial production, Teranga’s newest mine, Wahgnion, produced 175,261 oz. of gold, surpassing the high end of its revised 2020 production guidance range of 150,000 to 165,000 oz. The company increased Wahgnion’s original production guidance of 130,000 to 140,000 oz. mid-year to reflect the outperformance of the plant, which continues to process approximately 25% more material than its original designed capacity.
Despite another year of record production, shares of Teranga Gold were down 2.0% by midday Tuesday. The Toronto-based gold producer, which is set to be acquired by Endeavour Mining, has a market capitalization of $2.27 billion.
This story first appeared on www.MINING.com.