Dallas, Texas 01/10/2014 (FINANCIALSTRENDS) – Golden Star Resources Ltd. (USA) (NYSEMKT:GSS) is a $120.98 million market cap, US-based precious metal exploration and mining company. Its major mine is in West African Ghana region and in parts of South America as well.
Golden Star Resources Ltd. (USA) (NYSEMKT:GSS) like other gold-mining majors, has had a mixed market scenario in 2013. When gold prices slid on the world market in May 2013, GSS along with – HMY, AU, NEM and NG – too saw a crash in stock prices, GSS sliding by over 5.8%.
Golden Star Resources Ltd. (USA) (NYSEMKT:GSS) has continued to suffer since due the high costs of mining as well. The company has attempted to bring down the costs of mining by price-bargaining with contractors, looking for suppliers who would offer discounts as well as cutting back on the number of contractors. Additionally, the company has also chosen to realign its transport as well as delivery logistics, besides working on production processes as well. Additionally, the company sough to further cut-down on its operational costs by investing in new excavators as well as two pairs of new drills. The workforce too were brought into the picture for a more responsible role-play and have set processes in place to ensure the restructuring is effective and long-term.
Golden Star Resources Ltd. (USA) (NYSEMKT:GSS), following the mainline movement to bring down costs and optimize production has posted better than average results for the third quarter.
The continued focus of activities for the company is around its Bogoso mine. Bogoso has been an expensive affair, while it other mine Wassa had not been so expensive as it is more cahs-cost contained. The average operating costs for Wassa mine stands at $800 to an ounce, whereas Bogoso posts $1,100 per ounce production. Moreover, the gold prices too are not helping the company make the turnaround.