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Guyana Goldfields announces new chief
– says 2018 production will fall below projections
New chief: Brennan Lang
The country’s biggest gold mine, Guyana Goldfields Inc., has named a new chief.
The news comes after the Canadian company has also recorded a consistent second quarter performance, but following some scathing questions in recent months about its adherence to agreements with the Government of Guyana and what this country was getting from the investments.
Brennan Lang is the new General Manager of the Aurora Gold Mine, effective at the end of July, the company said. Lang replaces Tom Henderson.
According to the company, Lang is a professional mining engineer with over 30 years diversified engineering, operations, and management experience at open pit and underground gold mines in Canada, United States, South America, and the Asia Pacific.
“He is a proven, hands-on leader with excellent intercultural competence and stakeholder management skills to advance mining projects in developing countries. Mr. Lang has held various General Manager and Mining Manager roles over his career and most notably that of Chatree Gold Mine in Thailand, Didipio Operations in Phillipines where he led the greenfields development and operation of a 3.5 million tons per annum gold and copper mine, and Khamkeut Saen Oudom Mine in Asia, where he oversaw a large pre-strip campaign and developed the plan to commence underground operations.”
In addition, Lang was the Mining Manager for Hidden Valley Mine in Papua New Guinea, where he helped build a 250,000 ounce per year gold mine, and Tolukuma Mine in Papua New Guinea, where he was responsible for coaching and mentoring of underground and surface operations foremen (expat and national), increasing production levels from the underground operation, and reducing unit costs, and improving grade delivered to the processing plant.
Scott A. Caldwell, President and Chief Executive Officer, in welcoming Brennan to the team, said his global experience as a professional mining engineer and track record in the mining industry will add strong technical expertise, particularly as the company transition into the underground and commence development in the fourth quarter of 2018.
Meanwhile, in a separate statement yesterday, the company said that gold production from mining operations at its Aurora Gold Mine totalled approximately 28,250 ounces poured (31,300 ounces recovered) for the second quarter ended June 30, 2018.
As at the second quarter last year, the company reported that its gold production was 29,700 ounces at the Cuyuni mine site.
The company sold 31,700 ounces of gold at an average realized gold price of US$1,300 per ounce, generating gross second quarter revenues of US$41.2 million.
The company reported also that during the second quarter, 10 new fixed-frame 40-tonne haulage trucks arrived at site and were commissioned late in the quarter while an additional five trucks were commissioned after quarter end.
The company also signed an open pit contract mining agreement with STRACON GyM International S.A.C. (“STRACON”).
According to Caldwell, due to the late arrival of the 100%-owned expanded haulage fleet to site and the later than planned mobilization of the contractor, the second quarter mining fell behind by approximately 2.5 million tonnes (or approximately 500kt high grade ore) causing it to feed the mill with low grade stockpiles.
“The equipment and contractors are now on site and production during the second half of 2018 will increase however, this will not be able to make up the shortfall in production by year end and therefore we are revising guidance.”
The company said it is adjusting its 2018 annual production and cost guidance to 175,000-185,000 ounces of gold from 190,000-210,000 ounces.
“On a positive note, the mill is performing exceedingly well following the completion of the first phase of the mill expansion with both throughput and recoveries above budgeted levels. Our production guidance was and remains weighted towards the second half of the year which is dictated by mine sequencing and incorporating a higher throughput capacity with the completion of the mill expansion.”
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