GALIANO Gold warned first quarter gold production would be lower than planned after it was forced to shut its processing plant for 14 days.This was after noticing during routine maintenance that a “key component” in its SAG (semi autogenous grinding) mill required repair. “As a result, the AGM processing plant was down for a period of 14 days, during which no gold was produced,” it said.Mining continued, however with AGM stockpiling ore. As a result, Galiano Gold did not expect the mill downtime to impact its 2025 production guidance which was set at between 130,000 to 150,000 ounces.AGM or Asanko Gold Mines is a Ghana open pit operation which Galiano held in joint venture with Gold Fields. It acquired Gold Fields’ 45% stake in AGM last year as well as terminating a gold purchase agreement with Red Kite for $13m.Galiano produced 115,115 oz from AGM last year below its revised guidance of 120,000 to 130,000 oz. Gold production for the 2025 financial year would be weighted towards the second half as the company worked through mill upgrades and dealt with hard ore from existing operating pits, it said previously.“The harder ore, coupled with lower availabilities in the mobile crushing circuit, ultimately led to a slight miss on our revised production guidance,” said CEO Matt Badylak in a fourth quarter and full year update on Tuesday. “That said, the challenges we faced in 2024 are not long-term and are being addressed,” he added.“We are well-positioned to generate positive cash flows from operations in this favorable gold price environment.”Galiano reported net income attributable to common shareholders of $42.2m or $0.17 per common share for the 12 months ended December 31.Shares in Galiano Gold improved 24% over the last 12 months and are 6.9% higher year-to-date. The company’s efforts come against a background of elevated gold prices. Bullion edged through $3,000/oz for the first time ever last week, although the metal would have to hit $3,800/oz in order to register an all-time record on an inflation-adjusted basis. The post Galiano shut AGM mill but maintains gold production target appeared first on Miningmx.
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