Serabi Gold PLC on Wednesday reported it produced less gold in the first half of the year but added it will meet its 2022 production target.

Serabi produced 15,480 ounces of gold in the first half of 2022, down 9.7% from the 17,135 ounces it produced a year ago. The gold grade worsened to 6.06 grammes of gold per tonne from 6.71 in the first half of 2021.

In the second quarter of 2022, Serabi produced 8,418 ounces, down 7.0% from 9,048 a year ago. In the second quarter, gold grade improved by 12% to an average of 6.43 grammes of gold per tonne from 5.72 a year ago.

Serabi sees itself on track to meet its 30,000 gold ounces production target for 2022. In 2021, it produced 33,848 ounces, up from 31,212 ounces in 2020.

‘The second quarter of 2022 has seen mined grades improve by 7% compared with the first quarter, most notably through production mining improvements in the Julia vein on the Sao Chico orebody. Mine development rates have also improved through the introduction of the long awaited fleet ordered in 2021,’ the London-based, Brazil-focused gold miner said.

‘We are now undertaking internal studies to evaluate an incremental development approach whereby we install a crushing plant and ore sorter at Coringa to generate a higher-grade product to truck to Palito,’ said Chief Executive Officer Mike Hodgson, referring to the firm’s projects in Brazil.

Serabi Gold shares fell 1.5% to 39.80 pence each in London on Wednesday afternoon.

Copyright 2022 Alliance News Limited. All Rights Reserved.