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Market: TSX
Sector: Gold Mining
Epic: TSX-RBI
News: Latest news
Web Site: Redback Mining
Other Articles: 01-02-201015-01-201016-11-2009

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Redback Mining

Redback Mining

Red Back's two key projects are the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania. In addition, the Company holds an extensive exploration portfolio both in Ghana and Mauritania.
Friday, January 15, 2010

Red Back Mining continues to expand production, sees gold production of 800,000 per annum in 2012

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Red Back Mining ("Red Back") (TSX: RBI) reported record production in the fourth quarter of 2009 (Q4 2009) of 111,193 ounces of gold and confirmed it would produce at least 485,000 ounces of gold in 2010. Red Back Mining operates two mines, Tasiast in Mauritania and Chirano in Ghana.


The Q4 2009 number from Red Back Mining lifted the company’s full year production to 342,085 ounces of gold, an increase of 31% over 2008.  Red Back did not disclose specific cash operating costs for the full year, but said they were “in line” with forecasts.


Looking ahead to 2010, the mid-tier gold producer said it expected to produce between 485,000 and 525,000 ounces of gold at a cash operating cost between US$390 and $420 per ounce. The production guidance represented a 46% increase over 2009. 


The Tasiast Mine is expected to produce between 245,000 and 265,000 ounces of gold, and the company has set an exploration budget in the first half of 2010 of $22 million, with a further $48 million earmarked for capital expenditure (CAPEX).


At Chirano, Red Back is expected production of 240,000 to 260,000 ounces of gold, with exploration of $6 million and CAPEX of $77 million.


"We are extremely pleased with our achievements in 2009 with both CIL plants having been expanded and the Akwaaba Deeps underground mine at Chirano and the dump leach operation at Tasiast being successfully commissioned,” Richard Clark, President and CEO of Red Back Mining stated, “2010 production is now running at projected levels. This will be another exciting year for Red Back with the size of the Greenschist zone at Tasiast increasing rapidly and commencement of development of the Paboase South underground mine at Chirano. The impressive growth in resources and reserves anticipated at both mines this year will confirm the longevity of our operations at higher production rates. “


Looking further out, Red Back reiterated its goal of achieving a production rate of 800,000 ounces gold per annum in 2012.

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