12 Jan Teranga exceeds 2020 gold production guidance ahead of Endeavour merger
West Africa-focused Teranga Gold has reported total gold production of 404,460 ounces in 2020, exceeding its full year guidance for the fifth consecutive year.
The TSX-listed miner produced a record 119,364 ounces of gold in the final quarter of the year, which contributed to a 40% year-on-year increase in 2020.
The record annual performance was driven by consistent output from both of Teranga’s operating mine complexes – Sabodala-Massawa in Senegal and Wahgnion in Burkina Faso.
“The successful integration of the high-grade Massawa gold project with our flagship Sabodala mine combined with the first full year of operations at Wahgnion resulted in record production for the quarter and year,” chief operating officer Paul Chawrun said.
Meanwhile, president and CEO Richard Young said: “We have achieved our vision of becoming a low-cost mid-tier gold producer, with two strong operations and a highly prospective organic growth pipeline.
“Our combination with Endeavour Mining is a natural next step for Teranga and will allow our shareholders to benefit further as owners of a best-in-class senior gold producer poised for continued growth.”
The merger between Teranga and Endeavour will take effect on January 21, 2021.