The mining operator Teranga Gold Corporation achieved a gold production of 404,460 ounces for the year 2020. A performance that the company achieves for the fifth consecutive year by exceeding its production forecasts.

The company has a positive cash balance as of December 31, 2020 with an unaudited consolidated cash balance of $75.1 million, an increase of $17.8 million from the consolidated cash balance as of September 30, 2020. This amount came in after about $28 million in debt repayments during the fourth quarter.

In a statement released Tuesday, January 12, Teranga Gold Corporation reports that its full-year gold production exceeded the high end of the company's increased guidance range of between 375,000 and 400,000 ounces, its two operating mines, Sabodala-Massawa and Wahgnion, meeting or exceeding each of their respective ranges.

“The successful integration of the high-grade Massawa gold project with our flagship Sabodala mine combined with the first full year of operations at Wahgnion resulted in record production for the quarter and year. We have achieved our vision of becoming a low-cost, mid-tier gold producer with two strong operations and a very promising organic growth pipeline,” said Richard Young, CEO of Teranga gold.

However, despite another year of record production, shares of Teranga Gold were down 2.0% as of midday Tuesday. The Toronto-based gold producer, which is set to be acquired by Endeavor Mining, has a market capitalization of $2.27 billion. Its activities focus on operating mines and advancing exploration properties throughout West Africa.