Teranga Gold caps stellar 2019 with record annual gold production

West African miner Teranga Gold exceeded the top end of its 2019 gold production guidance to cap a year which saw the Toronto-based firm become a multi-asset gold producer in the region.

Year-on-year gold production increased by 18% to 288,768 ounces in 2019, with the Wahgnion mine in Burkina Faso beginning commercial production in November.

Wahgnion surpassed the high end of its production guidance to produce 47,492 ounces, while Teranga’s flagship Sabodala mine in Senegal also topped its anticipated production guidance with 241,276 ounces of gold produced.

“2019 represents the fourth consecutive year in which we have exceeded our production guidance and reported record results, a testament to the quality of our operating teams,” said COO Paul Chawrun.

The TSX-listed company paims to deliver further production growth in 2020 after the acquisition of the Massawa gold project from Barrick Gold in December, which is set to transform the Sabodala-Massawa complex into a top-tier gold producer.

Teranga will increase its current 2020 output guidance of 300,000-350,000 oz to incorporate the introduction of Massawa free-milling ore to Sabodala’s existing carbon-in-leach plant in the second half of this year.

Shares in Teranga rose to a six-year high of C$7.44 following the news release, with the company’s market capitalisation currently standing at around C$778.9 million.