Guyana Goldfields sees 23% decline in production for first quarter

May 29, 2020 News

For the quarter ended March 31, 2020 Guyana Goldfields Inc. reported that gold production for the first quarter totalled 28,100 ounces as compared to 36,600 for the first quarter of 2019, representing a 23% decrease.
These and other details were noted in its latest financial statements which were made public yesterday. Those documents showed that it had an accumulated deficit of US$414.5 million, positive working capital of US$32.3 million and cash outflow of US$5.6 million which was used in operating activities.
Further to this, the company said it ended the quarter with cash and cash equivalents of US$15.5 million, which is US$6.6 million lower than the US$22.1 million reported in the fourth quarter of 2019.
The Canadian headquartered firm said too, that it generated a lower amount of cash from operations than in the same quarter of 2019 and in the fourth quarter of 2019. It said that this was due to lower gold sales, an increase in metals inventory due to delays in gold sales as a result of air travel cargo delays. These delays stemmed from Covid‐19 related travel restrictions and a concerted effort to reduce accounts payables, the company said.

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