January 13, 2010 / 3:17 PM / in 8 years

UPDATE 1-Semafo says '09 production up 24 pct, gives '10 outlook

* Says 2010 gold output in range of 235,000 - 260,000 ounces

* 2009 production beats its forecast

Jan 13 (Reuters) - Canadian gold miner Semafo Inc’s SMF.TO 2009 production rose 24 percent and beat its estimates, but the company gave a cautious outlook for this year citing adverse situation in Guinea.

In November, the company had decided to suspend any additional cash investment at its Kiniero mine in Guinea, which produced about 51,800 ounces in 2008, following political unrest in the country. [ID:nL6471551]

For 2010, the company expects to produce in the range of 235,000 ounces to 260,000 ounces, at cash cost of $485 and $525 per ounce.

Semafo, with gold mines in Burkina Faso, Niger and Guinea, produced 242,000 ounces of gold in 2009, ahead of its outlook of 220,000 ounces to 240,000 ounces.

Shares of the company, which have gained 16 percent in the last one month, rose 1 percent to C$4.74 in morning trade Wednesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Ratul Ray Chaudhuri)

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