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Why the West African Resources (ASX:WAF) share price is rising today

Shareholders appear pleased with the gold miner’s latest update.
The post Why the West African Resources (ASX:WAF) share price is rising today appeared first on The Motley Fool Australia. –

The West African Resources Ltd (ASX: WAF) share price is climbing following a production update for the month of June.

During morning trade, the gold miner’s shares are swapping hands for $1.03, up 1.98%.

How is West African Resources performing?

Investors are snapping up West African Resources shares after the company provided a strong result.

According to its release, West African Resources advised it achieved gold production of 63,610 ounces for the June quarter. This represents another record quarter for the company’s operations at the Sanbrado mine in Burkina Faso.

The increase is primarily from the company’s key M1 South underground mine, yielding 33,480 ounces of gold from 103,550 tonnes of ore. Pleasingly, the gold mined reflected a 116% increase on the previous March 2021 quarter.

West African Resources stated that 855 meters of horizontal development was completed, providing ore access on several levels. A 182-meter decline was also developed, increasing the vertical depth by 26 meters to 341 meters below the surface.

Open pit production for the quarter stood at 738,000 tonnes at 1.7 grams per tonnes for 39,790 ounces. This includes the company’s M5, M1 South and M1 North pits.

A maintenance shutdown and mill reline was also finished during the quarter.

West African Resources executive chair and CEO, Richard Hyde commented:

The Sanbrado mine completed another record quarter of production with 63,610 ounces of gold produced.

The underground ramp-up continued to plan, with gold mined up 116% from the previous quarter to 33,480 ounces of gold from 103,550t of ore.

Solid progress was also delivered by open pit mining and processing under pinning the quarterly production result.

The company will release its June Quarterly Activities Report with production cost information before the end of this month.

About the West African Resources share price

Over the past 12 months, West African Resources shares have moved in circles, posting a gain of 15%. However, for 2021 alone, the company’s share price is down around 3%.

At current, West African Resources shares are sitting in the middle of its 52-week range of 72 cents to $1.23.

West African Resources has a market capitalisation of roughly $891 million, with more than 883 million shares on its registry.

The post Why the West African Resources (ASX:WAF) share price is rising today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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