Troy Resources Karouni gold plant in Guyana South America

Troy achieves commercial production in S.A

Perth based Troy Resources have achieved commercial production at their $133m Karouni gold plant in Guyana, a small English speaking country on the north Atlantic coast of South America.

Commercial production is defined as the point when the mine is in the condition necessary for it to be capable of operating at its nameplate design specification set by management for long term sustainable production.

The company says its Karouni plant is now self funding just 8 weeks after pouring its first 4.7kg gold bar and they are aiming for a throughput of 80 000 dry tonnes a month from this month onwards.

Managing Director, Martin Purvis said: "Achieving commercial production is a significant milestone for the Company. I want to thank all our employees and contractors for their dedication and hard work ensuring the successful transition from commissioning to commercial production."

Troy has committed around $12m for the coming year in exploration expenditure at Karouni in an attempt to further tap the super rich Guyana Greenstone Shield Belt which hosts a number of world class gold projects. These include the 18m ounce El Callao project, the 17m ounce Las Chrisinas project, the 10m ounce Brisas project, the 13.7m ounce Gross Rosebel project and almost a dozen other projects with multi million ounce gold resources.

The Company has identified more than 30 additional targets over a 60km strike length that may also be capable of adding more mine life to the initial 3 year life at Karouni. 

In a sign that the gold market is definitely hotting up Troy Resources shares doubled in value in the last month from a low of 19c to around 43c a share. 

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Total Shareholder Return as at 31/12/19

1 year TSR5 year TSR
31stAlkane Resources200%22%
270thRand Mining21%44%
533rdTroy Resources-18%-27%
790thBlackham Resources-69%-18%
668 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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$43k Sold
$125k Sold
$173k Sold
Total value as at the date of the transaction
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28th↓Tiger Resources$113.2m
29th↑Blackham Resources$111.1m
30th↑Troy Resources$104.1m
31st↓Alkane Resources$94.4m
32nd↑Rand Mining$80.3m
484 listed resources companies ranked by revenue.
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