January 26, 2015 9:04 PM ET

Metals and Mining

Company Overview of Golden Star Resources, Ltd.

Company Overview

Golden Star Resources Ltd. operates as a gold mining and exploration company. It owns and operates the Wassa open-pit gold mine, the Father Brown open-pit gold mine, and a carbon-in-leach processing plant located approximately 35 kilometers from the town of Bogoso; and the Bogoso gold mining and processing operation located near the town of Bogoso in Ghana. The company also has a 90% interest in the Prestea Underground mine in Ghana. In addition, it holds interests in various gold exploration projects in Ghana and other parts of West Africa, and in South America, as well as holds and manages exploration properties in Brazil. The company was founded in 1984 and is headquartered in Toronto, Ca...

Sun Life Financial Tower

Suite 1200

150 King Street West

Toronto, ON M5H 1J9


Founded in 1984



Key Executives for Golden Star Resources, Ltd.

Chief Executive Officer
Age: 53
Total Annual Compensation: $485.7K
Chief Operating Officer
Age: 56
Total Annual Compensation: $400.0K
Senior Vice President of Technical Services
Age: 45
Total Annual Compensation: $280.0K
Vice President of Exploration
Age: 49
Total Annual Compensation: $220.0K
Compensation as of Fiscal Year 2013.

Golden Star Resources, Ltd. Key Developments

Golden Star Resources, Ltd. Announces 2014 Fourth Quarter and Full Year Production Results for Bogoso and Wassa Mines; Provides Capital Expenditure Guidance for the Full Year of 2015

Golden Star Resources, Ltd. announced 2014 fourth quarter and full year production results for its Bogoso and Wassa mines. The company sold 260,788 ounces of gold in 2014, in line with the company's revised guidance. In the fourth quarter of 2014, Golden Star produced and sold 72,085 ounces of gold, which was a 19% increase on the prior quarter. Of this, 25,831 ounces of gold were from Wassa and 46,254 ounces were from Bogoso. For the full year 2014, Wassa's gold sales were 112,831 ounces and Bogoso's were 147,957 ounces. The company provides capital expenditure guidance for the full year of 2015. The company provides total capital expenditure of $41 million for Wassa mines, $15 Bogoso mines and $56 million for combined mines.

Golden Star Resources, Ltd. Announces Results of its Preliminary Economic Assessment of the Development of its Prestea Mine in Ghana

Golden Star Resources, Ltd. announced the results of its Preliminary Economic Assessment of the development of its Prestea Mine in Ghana. The company released a feasibility study on the development of a mechanized mining operation at Prestea in June 2013. The PEA announced on November 13, 2014 is based on the development of a non-mechanized mining operation at Prestea. The capital expenditure associated with a non-mechanized mine is substantially lower and delivers a superior IRR. The PEA demonstrates positive economics for the extraction of the West Reef using shrinkage stoping. In conducting this assessment, a gold price of $1,200/oz was assumed. The results indicate an IRR of 72%, NPV at a 5% discount rate of $121 million and a payback period of 2.5 years from the start of development. Initial capital expenditure is estimated at $40 million with life of mine capital totaling $94 million. Project Infrastructure: The plan to extract the West Reef at Prestea is an expansion of a previously operating underground mining operation, therefore most of the required services, infrastructure and community support are already in place: Surface access to the mine is via the public road network that extends onto the minesite and mineralized material will be hauled to the Bogoso processing plant along an existing private haul road; Labor with underground mining experience is plentiful and the care and maintenance activities at Prestea already employ 160 experienced staff and employees; Utilities are available including electricity from the Ghana national grid which is currently used to power the existing Prestea mine surface and underground infrastructure; Processing of the mineralized material is planned to be carried out at Golden Star's existing processing plant at Bogoso, 16 km to the northeast of the Prestea Mine; and Tailings will be deposited in Golden Star's existing and permitted Bogoso Mine tailings storage facility. The West Reef mineralization lies approximately 2 km south of Central Shaft and 2 km north of the Bondaye Shaft at a depth of between 570 m and 950 m below surface. The mineralization dips at approximately 60deg to 85deg to the west and varies in width from 0.5 m to 3.5 m with an average width of approximately 2.0 meters. The PEA proposes shrinkage stoping, which was the mining method historically used at Prestea. The main haulage level will be established on the existing 24 level to move mineralized and waste rock to the Central Shaft for hoisting to surface. An incline/decline system will be developed in the footwall of the mineralization to access sublevels at a vertical spacing of approximately 40 m between existing levels 17 and 24. Shrinkage stopes will be developed between open raises spaced 60 m on strike. Drawcones will be developed out of the sublevels into the stopes and will be equipped with chutes for controlled shrinkage mucking into rail cars in the sublevels. The stopes will be advanced up dip with only the swell material (30% of total blasted) removed from the stopes during the mining phase. When the stope is mined up to the sill pillar below the upper sublevel, the remaining mineralized material in the stope can be drawn as required. Total mining operating costs are estimated to be an average of $133/tonne. The PEA schedule assumes mining of 649,000 tonnes of mineralized material at an average grade of 17.2 g/t for 359,000 ounces of contained gold. The metallurgical testwork results indicate that the Prestea West Reef material is non-refractory with greater than 90% metallurgical recovery using Carbon-in-Leach processing. The proportion of gravity recoverable gold in the Prestea mineralization is high at approximately 80%. It is therefore suited to processing through the CIL section of the existing Bogoso Refractory Processing Plant which will be available to process this ore post the completion of mining at the Bogoso North and Chujah pits in late 2015. Modifications to the refractory plant to isolate the CIL circuit and to resize the crushing and grinding circuit are estimated to cost $8 million and are included in the initial capital expenditure of $40 million. Total haulage and processing costs are expected to average $29/tonne over the life of mine.

Golden Star Resources, Ltd. - Special Call

To discuss results of Preliminary Economic Assessment (PEA) of an underground mine at Prestea

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