Gold Fields warns of profit plunge after production decline
The miner said the drop in production was due to challenging ground conditions at South Deep mine.
Triple Flag Precious Metals (TSX: TFPM, NYSE: TFPM) will acquire 3% gold streams on each of the Agbaou and Bonikro mines operated by Allied Gold (TSX: AAUC) for total cash consideration of $53 million.
The acquisition “adds immediate cash flow to Triple Flag from two producing assets, with an operator that has already created significant value at these operations from exploration investments,” said Shaun Usmar, Triple Flag’s CEO, in a news release.
The Agbaou and Bonikro mines are located in Côte d’Ivoire within the Birimian greenstone belt, approximately 20 kilometres apart, and operated as a single complex.
On a combined basis, Allied is targeting a production rate of 180,000 to 200,000 ounces per annum and a greater than 10-year mine life from the complex. Its production guidance for 2024 is 85,000 to 95,000 ounces of gold.
In addition, Triple Flag said it is on track to achieve sales guidance of 105,000 to 115,000 gold-equivalent ounces for 2024, following record performance in the first half of this year.
The precious metals streaming company has also announced the promotion of Eban Bari to CFO and James Dendle to COO, effective upon Sheldon Vanderkooy assuming the role of CEO in the fourth quarter of 2024.
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