Westgold Resources dives on higher mining costs
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The news: Westgold Resources was the worst performing ASX 200 company in afternoon trading after the gold miner reported higher mining costs for the September quarter.
The numbers: Westgold shares were down 5% to $3.06 by 2:15pm AEDT, having added over 40% since the start of the year.
Westgold reported produced 77,369 ounces of gold in the first quarter, up from 52,795 ounces in the previous quarter.
Group all-in sustaining cost (AISC) in Q1 was $187 million, up $79 million from Q4 FY24.
The miner said it is on track for its full-year guidance of 400,000 to 420,000 ounces at AISC of $2,000 to $2,300.
The context: During the quarter, the Perth-based miner completed a $1.4 billion merger with Canada's Karora Resources and listed on the Toronto Stock Exchange.
Westgold attributed its higher group AISC to its integration with Karora's Southern Goldfields operations in Western Australia.
What they said: "Integration across the business continues and importantly, Westgold remains on track to meet our FY25 guidance," Westgold managing director and CEO Wayne Bramwell said.
The source: ASX announcement
