Canadian gold miner Teranga Gold Corporation has reported record production for the third quarter of this year. Between July and September 2020, the Africa-focused company managed to post a 69% increase in gold production to some 104,773 oz.
The output hike allowed the firm to boost its revenues by 169% to CAD 192.6 million (US$147.4 million), Teranga Gold said in a statement.
“The third quarter was record-breaking for Teranga as we started mining high-grade ore at Massawa, delivered solid results at Wahgnion and realized strong gross profit, earnings and cash flow,” said Richard Young, the company’s president and chief executive officer. “We expect to complete our transformation into a low-cost mid-tier producer by year end and will continue to advance our organic growth pipeline in pursuit of our third mine.”
Teranga Gold operates mines in Senegal, Burkina Faso and Ivory Coast.