Resolute adjusts output forecast

PERTH (miningweekly.com) – Gold miner Resolute Mining has upgraded its full year production expectations from 300 000 oz to 325 000 oz, on the back of another strong quarter of production.

The miner on Thursday reported that during the three months to March, gold production reached 88 622 oz, which was down slightly from the 91 224 oz produced in the previous quarter.

“Resolute has again delivered excellent quarterly production and cost results, which have allowed us to significantly improve guidance for the full financial year,” MD and CEO John Welborn said.

All-in sustaining costs (AISC) for the quarter were A$1 091/oz, while full-year AISC are now estimated to be A$1 150/oz, some A$130/oz less than previously anticipated.

“The March quarter results in both production and cost were significantly improved by the investment we have been making in processing improvements at Syama. While the full benefits of Project 85 will not be delivered until March 2018, the excellent progress of Project Reprise has resulted in increased production as a result of proven recovery improvements, which, in turn, reduced unit costs,” Welborn said.

He noted that these projects formed part of a comprehensive effort to improve operations and reduce costs, while increasing efficiency and production.

During the quarter under review, the Syama operation, in Mali, delivered 62 294 oz of gold, while the Ravenswood mine, in Queensland, delivered 19 328 oz.

“Resolute’s excellent operational performance was supported by more exciting drilling results from Nafolo at Syama, and Bibiani, in Ghana. With cash, bullion and listed investments now totalling A$291-million, we continue to be in a strong position to support our investments in development and exploration.

“This investment will continue for the remainder of 2017 and into 2018,” Welborn concluded.