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(Ecofin Agency) – The recent surge in gold prices could boost gold producers’ revenues significantly. Galiano Gold, a Canadian company, is poised to capitalize on this trend following its increased stake in the Asanko gold mine in Ghana.
For the first quarter of 2024, Galiano Gold reported an average gold selling price of $2,056 per ounce from the Asanko mine in Ghana. This marks an 11% increase from the previous year’s average of $1,850 per ounce. This uptrend aligns with global prices hitting a record high of over $2,300 per ounce in March.
Despite a slight decrease in the quantity of gold sold, with 31,840 ounces in Q1 2024 compared to 35,174 ounces in Q1 2023, the Ecofin Agency estimates that revenues from gold sales totaled $65.46 million in Q1 2024. This figure is slightly up from $65.2 million in Q1 2023.
Galiano’s gold production also saw a minor decline to 30,386 ounces. However, the company remains on track to achieve its production target of 140,000 to 160,000 ounces in 2024.
In March 2024, Galiano acquired the 45% stake previously held by the South African company Gold Fields in Asanko. The Ghanaian government retains a 10% stake, while Galiano now holds the remaining 90%.
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