Metals and Mining
Company Overview of Golden Star Wassa Ltd.
Golden Star Wassa Ltd. owns and operates the Wassa Gold Mine. The mine is based in Ghana. Golden Star Wassa Ltd. was formerly known as Wexford Goldfields Ltd. As of September 16, 2002, Golden Star Wassa Ltd. is a subsidiary of Golden Star Resources Ltd.
H/no No 1 Milne Close
Founded in 1986
Key Executives for Golden Star Wassa Ltd.
Golden Star Wassa Ltd. does not have any Key Executives recorded.
Golden Star Wassa Ltd. Key Developments
Golden Star (Wassa) Limited (Wassa) Signs Commitment Letter with Ecobank Ghana Limited (Ecobank) Regarding an Additional USD 25 Million Secured Medium Term Loan Facility
Sep 10 14
Golden Star announced that Golden Star (Wassa) Limited (Wassa) has signed a commitment letter with Ecobank Ghana Limited (Ecobank) regarding an additional $25 million secured Medium Term Loan Facility. Drawdowns under the New Facility will be available to finance the development of a potential underground mine at Wassa and will be repayable within sixty months of initial drawdown. The drawdown period is twelve months from entering into the agreement. Interest on the New Facility will be payable monthly at three month LIBOR plus 11% and a transaction fee of 2.5% of the total New Facility is payable to Ecobank. The security and terms on the New Facility are similar to the $50 million secured Medium Term Loan Facility entered into in 2013. The flexibility to prepay the loan without penalties and lack of hedging requirements is of particular benefit to Wassa. Terms include a specific security over plant, machinery and equipment at Wassa. From the end of 2016, certain financial covenants must be adhered to. In addition to the New Facility, the company still has $10 million available for drawdown on its existing $50 million Ecobank facility.
Golden Star (Wassa) Mines Enters Term Loan Agreement with Ecobank Ghana Limited
Mar 25 14
Golden Star (Wassa) Mines announced that it has entered into Medium Term Loan agreement with Ecobank Ghana Limited for USD 50,000,000.00 to finance the Wassa mine's mineral ore process expansion project, inclusive of pre-feasibility studies, drilling operations and expansion, settlement, partial relocation and other capital expenditure. Interest shall be payable in arrears beginning a month following the end of moratorium period. Principal amount shall be payable quarterly in arrears beginning in the month following the end of the moratorium period.
Golden Star Wassa Ltd. Announces Earnings Results and Operational Results for the First Quarter Ended March 31, 2013
May 9 13
Golden Star Wassa Ltd. announced earnings results and operational results for the first quarter ended March 31, 2013. For the quarter, the company reported gold revenue of $75.0 million, up $13.6 million from $61.4 million in the first quarter of 2012. Net loss attributable to Golden Star shareholders in the first quarter of 2013 was $6.6 million, compared with a net income of $9.1 million for the same period of 2012. net loss per basic share was $0.03 compared to net income per basic share of $0.04 for the same period a year ago. For the first quarter cash flow provided by operations was $2,180,000 against $17,884,000 for the same period a year ago.
For the quarter, the non-refractory plant processed 657,000 tones of ore versus 682,000 tones of ore in the first quarter of 2012. The company produced and sold 45,866 ounces of gold, up 9,383 ounces from the first quarter of 2012. The increase in gold production was due primarily to a 36% increase in the grade of ore processed as a result of a higher proportion of ore sourced from the higher grade Father Brown open pit. Metallurgical recoveries were 94.7% for the first quarter of 2013, showing a slight improvement from the first quarter of 2012 in which recoveries were 93.9%.
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