Golden Star Resources releases 2021 second quarter results

Andrew Wray, President and CEO of Golden Star Resources

Golden Star Resources has released its financial and operational results for the Second Quarter as well as half year ending June 30 2021. Production from their sole operating mine at Wassa totaled 37,900 ounces at a sustaining cost of US$1,182 per ounce.

Half year production for 2021 totaled 78,000 ounces at a sustaining cost of US$1,140 per ounce. The latest figures indicate that Golden Star Resources is on track to deliver on the revised production guidance of between 145 and 155,000 ounces for 2021.

Wassa continued to witness increased investment in infill drilling and development ahead of planned future production expansion. Capital expenditure for Wassa in the second quarter of the year total US$12million. Cash increased by US$6.6million in the Second Quarter of 2021 to total US$72.7million at June 30, 2021, with net debt reducing to US$31million.

Speaking in an interview, the President and CEO of Golden Star Resources, Andrew Wray said: “Our primary objectives for half year 2021 were to continue positioning the business for future production growth, as well as to be able to address the repayment of the $51.5m Convertible Debentures in August 2021.”

According to him, with the increase in the cash position to US$72.7million during the quarter and the successful refinancing of the Macquarie Credit Facility, GSR now has adequate liquidity to be able to cash settle the Convertible Debentures on maturity.

The report showed that In-mine exploration continued to deliver positive drill results adjacent to the current and planned reserve mining areas, with infill drilling now underway aimed at identifying mineral resources by the year end.

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