SGO SA in decline with production of 9 tonnes for royalties of 132 billion in 2023

SGO SA in decline with production of 9 tonnes for royalties of 132 billion in 2023
SGO SA in decline with production of 9 tonnes for royalties of 132 billion in 2023
Present in Senegal since 2021, Endeavour Mining presented the 2023 sustainable development report of Sabodala Gold Operations (SGO) SA.
In his opening speech, the CEO of SGO gives the company’s figures for the years 2022 and 2023. He speaks of a production deficit for the year 2023. A drop of 18% compared to 2022.

“The 2023 production was in deficit. We produced 294,000 ounces, or just over 9 tonnes of gold. This is below our targets of 333,000 ounces. We are in free fall of 18% compared to our 2022 turnover which was 350,000 ounces, or 11 tonnes,” announces Abdoul Aziz Sy.

Despite this fall, he said that the increase in the gold rate of 9% during the same period brought them luck.

However, he notes: “our operating expenses have followed the opposite path, going from $691 per ounce in 2022 to $794 per ounce in 2023. Turnover has fallen by 10% in the same period, going from $393 billion in 2022 to $354 billion in 2023,” he said.

So despite these poor performances, he points out that their economic and social contributions to Senegal have increased significantly between 2022 and 2023. Our economic contribution increased from 219 billion in 2022 to 277 billion in 2023. “If our turnover in 2023 is 350 billion, 277 billion was spent directly on the Senegalese. This is an increase of 21% compared to 2022. The amount of our contribution to Senegal represents 1.7% of Senegal’s GDP and 81% of our turnover is spent in Senegal. Our local purchases increased from 132 billion in 2022, representing 76% of our revenues, to 133 billion in 2023. We spent 143 billion with our service providers based in Senegal,” said Mr. Sy.

He concludes by saying that our payments to the government of Senegal have increased from 85 billion in 2022 to 132 billion in 2023. What we have paid to the public treasury in terms of taxes, royalties and duties, represents 130 billion in 2023.

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