TORONTO, Sept. 15, 2020 /PRNewswire/ - Golden Star
Resources Ltd. (NYSE American: GSS) (TSX: GSC) (GSE:
GSR) ("Golden Star" or the "Company") is pleased to
announce that it has published its 2019 Corporate Responsibility
Report with enhanced disclosure including SASB Metals and Mining
standards, Mining Local Procurement Reporting Mechanism, and
Investor Mining and Tailings Safety Initiative disclosures. The
full report and an ESG investor presentation are available on the
Company's website at:
http://www.gsr.com/responsibility/default.aspx.
2019 CORPORATE RESPONSIBILITY REPORT HIGHLIGHTS:
- New disclosure standards have been adopted as part of the 2019
Corporate Responsibility Report, reflecting Golden Star's commitment to improved
Environmental, Social and Governance ("ESG") disclosure. These
include:
-
- Sustainability Accounting Standards Board ("SASB") Metals and
Mining Sustainability Accounting Standards
- Mining Local Procurement Reporting Mechanism ("Mining
LPRM")
- Investor Mining and Tailings Safety Initiative ("IMTSI")
- World Gold Council Conflict Free Gold Standard
- World Gold Council Responsible Gold Mining Principles ("RGMPs")
commitment made in 2020.
- Additional disclosures complement existing disclosures to the
United Nations Global Compact and Global Reporting Initiative
("GRI") standards.
- In 2019, Golden Star achieved
100% compliance with water, air, noise and vibration
requirements.
- Golden Star continues to invest
in its alternative livelihood programs which help to minimize
illegal mining activities and create sustainable industries that
can endure beyond the life of our mining activities. Our flagship
ESG project, Golden Star Oil Palm Plantation ("GSOPP"), delivered
record crop yields across plantations in 10 communities to directly
support the livelihoods of over 2,000 people. This initiative has
been developed on subsistence farms and rehabilitated mining areas
to establish an alternative land use, while ensuring that there is
no deforestation.
- In 2020, Golden Star launched
its Policy on Inclusion and Diversity. The Company is pleased to
report that in 2019 some 99% of the workforce in Ghana were Ghanaian nationals, of which 54% of
the workforce and contractors hail from the local host communities.
In line with our target of increasing the percentage of our
workforce that is female to 20% by 2025, we saw an increase to 7%
in 2019, from 5.5% in 2018.
Andrew Wray, Chief Executive
Officer of Golden Star,
commented:
"I am pleased that our 2019 Corporate Responsibility Report
significantly enhances our disclosure on key environmental, social
and governance performance through the inclusion of new reporting
standards. While we need to achieve financial success as a
business, how we achieve that success is equally important to us. I
would encourage all stakeholders to review the full report or
summary presentation on our website in order to better understand
the positive impact we are having on our host nation and
communities and the measures we have put in place to continue to
comply with environmental and governance requirements. During the
remainder of 2020 we will conclude our gap analysis against the
Responsible Gold Mining Principles and will commence a three year
program of activities towards adoption of the recommendations of
the task force on climate related financial disclosures
("TCFDs").
Enhancing and retaining the value of our presence for host
communities is a key focus for our business. In 2019, 84% of our
goods and services value and 99% of the work force was provided by
Ghanaian companies and personnel, respectively. We believe that
this is industry leading performance, enabled by our local content,
local procurement and sustainability initiatives and there is no
doubt that these programs assisted us in maintaining a high level
of business continuity throughout the COVID-19 pandemic. As we look
to diversify our business across new geographies these initiatives
provide a roadmap for ongoing sustainability in new
jurisdictions.
We are at the early stages of improving gender diversity within
our business, working towards achieving a target of 20% in
2025. In 2019, we were able to increase the number of women in the
business to 7% and we remain focused on continuing this growth
trend."
Company Profile:
Golden Star is an established
gold mining company that owns and operates the Wassa and Prestea
underground mines in Ghana,
West Africa. Listed on the NYSE
American, the Toronto Stock Exchange and the Ghanaian Stock
Exchange, Golden Star is focused on
delivering strong margins and free cash flow from its two
underground mines. Gold production guidance for 2020 is
195,000-205,000 ounces at a cash operating cost per ounce (please
refer to the Non-GAAP Financial Measures disclaimer) of
US$810-US$850. Since winning the PDAC 2018 Environmental
and Social Responsibility Award, Golden
Star has remained committed to leaving a positive and
sustainable legacy in its areas of operation.
Statements Regarding Forward-Looking Information
Some statements contained in this news release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and "forward looking
information" within the meaning of Canadian securities laws.
Forward looking statements and information include but are not
limited to, statements and information regarding: gold production,
cash operating costs and guidance for 2020 on a consolidated basis;
and the Company's achievement of the 2020 consolidated
guidance. Generally, forward-looking information and
statements can be identified by the use of forward-looking
terminology such as "plans", "expects", "intends", "anticipates",
"believes" or variations of such words and phrases (including
negative or grammatical variations) or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative
connotation thereof. Investors are cautioned that forward-looking
statements and information are inherently uncertain and involve
risks, assumptions and uncertainties that could cause actual facts
to differ materially. Such statements and information are based on
numerous assumptions regarding present and future business
strategies and the environment in which Golden Star will operate in the future.
Forward-looking information and statements are subject to known and
unknown risks, uncertainties and other important factors that may
cause the actual results, performance or achievements of
Golden Star to be materially
different from those expressed or implied by such forward-looking
information and statements, including but not limited to: gold
price volatility; discrepancies between actual and estimated
production; mineral reserves and resources and metallurgical
recoveries; mining operational and development risks; liquidity
risks; suppliers suspending or denying delivery of products or
services; regulatory restrictions (including environmental
regulatory restrictions and liability); actions
by governmental authorities; the speculative nature of gold
exploration; ore type; the global economic climate; share price
volatility; the availability of capital on reasonable terms or at
all; risks related to international operations, including economic
and political instability in foreign jurisdictions in which
Golden Star operates; risks related
to current global financial conditions; actual results of current
exploration activities; environmental risks; future prices of gold;
possible variations in mineral reserves and mineral resources,
grade or recovery rates; mine development and operating risks; an
inability to obtain power for operations on favourable terms or at
all; mining plant or equipment breakdowns or failures; an inability
to obtain products or services for operations or mine development
from vendors and suppliers on reasonable terms, including pricing,
or at all; public health pandemics such as COVID-19, including
risks associated with reliance on suppliers, the cost, scheduling
and timing of gold shipments, uncertainties relating to its
ultimate spread, severity and duration, and related adverse effects
on the global economy and financial markets; accidents, labor
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; litigation risks; and
risks related to indebtedness and the service of such indebtedness.
Although Golden Star has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information and statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that future developments affecting the Company will
be those anticipated by management. Please refer to the discussion
of these and other factors in Management's Discussion and Analysis
of financial conditions and results of operations for the year
ended December 31, 2019, the three
months ended June 30, 2020 and in our
annual information form for the year ended December 31, 2019 as filed on SEDAR
at www.sedar.com. The forecasts contained in this press
release constitute management's current estimates, as of the date
of this press release, with respect to the matters covered thereby.
We expect that these estimates will change as new information is
received. While we may elect to update these estimates at any time,
we do not undertake any estimate at any particular time or in
response to any particular event.
Non-GAAP Financial Measures
In this Press Release, we use the term "cash operating cost per
ounce".
"Cash operating cost" for a period is equal to "cost of sales
excluding depreciation and amortization" for the period less
royalties, the cash component of metals inventory net realizable
value adjustments, materials and supplies write-off and severance
charges, and "cash operating cost per ounce" is that amount divided
by the number of ounces of gold sold (excluding pre-commercial
production ounces sold) during the period. We use cash operating
cost per ounce as a key operating metric. We monitor this measure
monthly, comparing each month's values to prior periods' values to
detect trends that may indicate increases or decreases in operating
efficiencies. We provide this measure to investors to allow them to
also monitor operational efficiencies of the Company's mines. We
calculate this measure for both individual operating units and on a
consolidated basis. Since cash operating costs do not incorporate
revenues, changes in working capital or non-operating cash costs,
they are not necessarily indicative of operating profit or cash
flow from operations as determined under IFRS. Changes in numerous
factors including, but not limited to, mining rates, milling rates,
ore grade, gold recovery, costs of labor, consumables and mine site
general and administrative activities can cause these measures to
increase or decrease. We believe that these measures are similar to
the measures of other gold mining companies, but may not be
comparable to similarly titled measures in every instance.
For additional information regarding the Non-GAAP financial
measures used by the Company, please refer to the heading "Non-GAAP
Financial Measures" in the Company's Management Discussion and
Analysis of Financial Condition and Results of Operations for the
year ended December 31, 2019 and the
three months ended June 30, 2020,
which are available at www.sedar.com.
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SOURCE Golden Star Resources Ltd.