Akrokeri-Ashanti sets records

Turning a profit at current gold prices is no easy task, which is why management of Akrokeri-Ashanti Gold Mines (YAG-V) is justifiably proud of the numerous records set during the 2001 first quarter at its operations in Ghana.

The company reported record production of 19,858 oz. gold from the Bonte mine for the three months ended March 31, along with record revenue of US$5.2 million, record cash flow of US$1.6 million, and record net income of US$586,879.

For all of 2000, Akrokeri-Ashanti produced 68,623 oz. gold and posted profits of US$1.4 million on revenue of US$19.1 million. The company aims to produce 76,000 oz. this year, and to expand reserves at Bonte and on neighbouring properties through ongoing exploration.

The gold producer has three Ghanaian subsidiaries, including an 85%-owned company that operates the Bonte mine. The others hold nearby properties.