Golden Star Resources
|Traded as||TSX: GSC
NYSE MKT: GSS
|Headquarters||Toronto, Ontario, Canada|
Golden Star Resources Ltd (TSX: GSC, NYSE MKT: GSS, GSE: GSR), is a mid-tier Canadian gold mining company, with two producing gold mines in Ghana, West Africa. It has total historical production of over four million ounces of gold. It is a non-refractory producer with production that is expected to increase and operating costs that are expected to decrease due to the Company's two high grade underground development projects coming on-stream by mid-2017.
Golden Star is an established gold mining company with two producing gold mines and two underground development projects. The Company began production in Ghana in 1999. Golden Star holds a 90% interest in both the Prestea (formerly known as Bogoso/Prestea) and Wassa mines, situated on the prolific Ashanti Gold Belt in western Ghana. The Company is strategically focused on growing its operating margin through shifting production to lower cost, higher grade, non-refractory ounces. Golden Star has a stream financing agreement with Royal Gold.
The company operates two mines in Ghana; Wassa and Prestea. The Company's consolidated production is expected to be 180-205,000 ounces in 2016 at a cash operating cost of $815–925 per ounce. The Company's production is expected to grow to approximately 280,000 ounces per annum (life of mine average) from 2017 to 2021 and All-In Sustaining Costs are expected to reduce to below $950/oz as a result of the two high grade underground developments coming on-stream.
The Wassa Gold Mine is located in the southwestern region of Ghana, approximately 35 km northeast of the town of Tarkwa. It lies in the Birimian Province of the West African Precambrian shield, within the southern portion of the Ashanti Greenstone Belt. Ore is sourced from the single large Wassa Main Pit (open pit mine) and Wassa Underground (underground mine).
Production from Wassa is expected to be 120-135,000 ounces in 2016 including 20-25,000 ounces from Wassa Underground.
The Prestea Gold Mine is located in western Ghana, approximately 40 km from Wassa. The mine lies within the southern portion of the Ashanti Greenstone Belt, along the western margin of the belt, and can be reached by paved roads from Accra, Ghana’s capital city.
Previously, Golden Star mined refractory ore from the neighbouring Bogoso property. However, in Q3 2015 Golden Star ceased refractory production and is now focused on mining non-refractory ore from the Prestea Open Pits. The Company is also developing the high grade Prestea Underground Gold Mine, which is expected to reach commercial production in mid-2017.
Production from Prestea is expected to be 60-70,000 ounces in 2016.
Golden Star Resources Ltd shares are traded on:
- the Toronto Stock Exchange (TSX) under the symbol "GSC",
- the NYSE MKT (NYSE MKT) under the symbol "GSS",
- the Ghana Stock Exchange (GSE) under the symbol "GSR".