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Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Asanko Gold (TSX: AKG) announced on Friday production results for Q3 2019 from its Asanko gold mine in Ghana, West Africa. The mine is a 50/50 joint venture with Gold Fields Ltd (NYSE: GFI), managed and operated by Asanko.
During the quarter, gold production at Asanko reached a quarterly record of 62,440 oz. Average gold grade achieved was 1.4 g/t from 1.44 million tonnes milled. The mine is on track to meet its yearly guidance of 225,000- 245,000 oz.
The Vancouver-based gold producer also generated record revenue of $91 million from selling 63,009 oz of gold in the quarter, realizing an average price of $1,443/oz.
“During the third quarter, we substantially completed the Cut 2 pushback at the Nkran pit of the mine, concluding a significant capital program that allows the mine to focus on generating meaningful free cash flow,” Greg McCunn, Asanko Gold CEO, commented on the latest production results.
McCunn added that the company received $10 million from JV partner Gold Fields during the quarter, and is expected to receive another $10 million on or before December 31 to further boost the corporate balance sheet.
