Galiano Gold to resume mining in Q4 at Ghana’s Asanko

The contract scope will follow the new mine plan as described in a 2023 feasibility study, which outlined an 8.5-year life with an after-tax net present value (at a 5% discount rate) of US$343 million. Annual gold production approximately doubles from the 2023 guidance of 100,000-120,000 oz. to 250,000 oz. per year from 2025.

“Galiano remains on track to deliver on the life of mine plan described in the 2023 technical report, and we look forward to establishing the AGM as a significant Ghanaian gold mine, averaging nearly 220,000 ounces per year over an 8.5-year mine life,” stated Galiano’s CEO Matt Badylak.

AGM is a multi-deposit complex, with four main open-pit mining areas – Abore, Miradani North, Nkran and Esaase – plus multiple satellite deposits along the Asankrangwa gold belt, and a 5 million tonne-per-year carbon-in-leach processing plant. The mine hosts proven and probable reserves of 48.9 million tonnes grading 1.31 grams gold per tonne for 2,068,000 tonnes of contained gold, according to a Dec. 31, 2022 estimate. 

Mining will first resume at the Abore deposit, with higher-grade mill feed expected in the second quarter of 2024. In order to realize productivity and scheduling benefits while offsetting the impact of current inflationary pressures, the mining fleet at Abore and Miradani North has been optimized to utilize 100-tonne haul trucks, Galiano said.

While work continues at the JV level to identify and execute on additional optimization opportunities and further reducing expected operating costs, an exploration program is also underway at the AGM tenements. The goal is delineating additional resources at known deposits while also exploring greenfield targets on the 476-sq.-km land package.

Galiano shares traded at 80¢ in Toronto at mid-day on Friday, in a 52-week window of 48¢ and 99¢. It has a market capitalization of about $180 million.