Q3 2016: Asanko Raked in $11.7m Net Income


pdf available here Asanko Gold Inc. (TSX:AKG)(NYSE MKT:AKG) posted $11.7 million for the third quarter of the year as its financial results for the three-month and nine-month period ended September 30, 2016 (Q3) show.

Q3 2016 Highlights:

• Net income of $11.7 million ($0.06/share) and adjusted net income of $10.7 million ($0.05/share)

• Cash provided by operating activities of $33.1 million ($0.17/share).

• Quarterly gold production increased from Q2 by 49% to 53,986 ounces.

• Gold sales of 54,393 ounces generating gross revenue of $71.3 million.

• Balance sheet strengthening with cash of $57.6 million, unrefined doré on hand with a market value of $9.7 million and $5.3 million in receivables from gold sales.

• Working capital position improved to $66.7 million.

• Total cash costs decreased quarter on quarter by 28% to $609/oz.

• All-in sustaining costs decreased from Q2 by 29% to $907/oz.

Commenting on the Company’s performance, Peter Breese, President and CEO, said: “The Asanko Gold Mine really hit its stride during this quarter as the ore grade from the Nkran pit continued to increase and the process plant was further optimized to improve throughput to 20% above design at 3.6Mtpa.”

“Gold production and gold sales were up 49% and 55% respectively quarter on quarter and costs improved accordingly, with a 28% decrease in total cash costs to $609/oz and a 29% reduction in AISC to $907/oz. This is a very pleasing result one quarter after commercial production was declared.

“We are well positioned to advance our Phase 2A expansion project with a strong balance sheet and 52,000 to 57,000 ounces of gold production expected in Q4.”

Source: Ghana/ClassFMonline.com/91.3FM

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