Orezone (ORE) confirmed a fatal accident at its Bomboré gold mine site in Burkina Faso on Thursday, involving a contractor employee who was fatally injured in a vehicle-related incident. No other injuries were reported.
The accident occurred during construction work tied to the Stage I hard rock plant expansion. The company says it’s working with local authorities and contractors to investigate the cause.
“We are completely devastated by this casualty,” said CEO Patrick Downey. “Our thoughts and deepest sympathies are with the family, friends and co-workers of our colleague as we offer our full support during this difficult time.”
Orezone began commercial production at Bomboré’s oxide operations in late 2022 and is currently working on a hard rock expansion designed to boost long-term output. The company says safety remains its top priority across all operations.
Orezon’s strong performance
Orezone has been one of the stronger mid-tier gold names over the past year, with the stock up around 30% over the last 12 months and roughly 18% year to date.
The stock’s rally has been supported by steady production from the oxide plant, improving cost control, and investor optimism around the upcoming ramp-up of the hard rock expansion.
In its most recent quarterly update, the company reiterated full-year production guidance and said it remains on track to begin commissioning the new plant later this year.
Analysts have pointed to Orezone’s low-cost profile and strong leverage to gold prices as key advantages, especially with bullion holding above US$2,300 an ounce.
The company has also been gradually improving its balance sheet, using cash flow from operations to fund ongoing capex, while keeping dilution limited.
Most anlysts covering the name maintain a positive outlook, with price targets reflecting upside tied to the hard rock phase coming online.