Golden Star Resources Ltd. operates as a gold mining and exploration company. The company owns and operates the Wassa open-pit gold mine, the Wassa underground development project, and a carbon-in-leach processing plant located approximately 35 kilometers from the town of Bogoso in Ghana; and Bogoso gold mining and processing operation located near the town of Bogoso in Ghana. It also has a 90% interest in the Prestea Underground mine in Ghana; and 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. Golden Star Resources Ltd. was founded in 1984 and is headquartered ...
Sun Life Financial Tower
150 King Street West
Toronto, ON M5H 1J9
Founded in 1984
Golden Star Resources, Ltd. Reports Unsuited Consolidated Earnings Results for the Second Quarter Ended June 30, 2015; Reports Impairment Charges; Provides Capital Expenditure Guidance for the Full Year of 2015
Jul 30 15
Golden Star Resources, Ltd. reported unsuited consolidated earnings results for the second quarter ended June 30, 2015. For the quarter, revenue was $65,796,000 compared to $76,519,000 for the prior quarter. Net loss attributable to shareholders was $61,503,000 against $61,503,000 a year ago. Net loss per share – basic and diluted was $0.24 against $0.02 a year ago. Cash provided by operations was negative $2,664,000 against cash provided by operations of $951,000 a year ago. Capital expenditures were $12,754,000. Adjusted net loss attributable to shareholders was $15,979,000 against $8,955,000 a prior quarter. Additions to mining properties were $77,000 against $4,601,000 a year ago. Additions to plant and equipment were $874,000 a year ago. Additions to construction in progress were $11,131,000 against $1,671,000 a year ago.
For the quarter, the company reported impairment charges of $34,396,000.
For the full year of 2015, the company’s capital expenditure is expected $50 million on the Wassa and Prestea mines.
Golden Star Closes $150 Million Financing with Royal Gold, Inc. and RGLD Gold AG
Jul 29 15
Golden Star announced that it closed the $150 million financing with Royal Gold Inc. (RGI) and its wholly-owned subsidiary RGLD Gold AG (RGLD) announced on May 7, 2015. The $150 million financing consists of a $130 million stream transaction with RGLD and a further $20 million term loan from RGI. Golden Star expects to receive the initial upfront payment of $40 million from RGLD in relation to the stream and a further $20 million from RGI in a term loan by close of business on July 29, 2015. The company will immediately retire the full outstanding $38 million on its Ecobank loan I, once funds have been received from RGI and RGLD. The initial upfront payment was reduced from $55 million to $40 million as the Company's drew down $15 million on its
existing $25 million Ecobank loan II in advance of the conclusion of the financing. The full amount of the stream transaction remains $130 million and the effective date remains April 1, 2015. Funds received will facilitate development of Wassa and Prestea underground mines which are expected to be in production by late 2016. Work on both of these projects is progressing well. The remaining finance from the stream transaction is expected to be
received incrementally as the projects' construction advances. The company expects to receive the remaining $90 million in quarterly payments between September 2015 and September 2016.
Golden Star Resources, Ltd. to Report Q2, 2015 Results on Jul 29, 2015
Jul 22 15
Golden Star Resources, Ltd. announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Jul 29, 2015