Resolute reports strong Dec quarter
PERTH (miningweekly.com) – Gold miner Resolute Mining has reported a significant increase in gold production in the December quarter, as output at the Syama operation, in Mali, increased.
Gold production during the quarter increased to 91 224 oz, from the 79 334 oz produced in the previous quarter.
The Syama operation produced 62 001 oz of gold during the quarter, with the sulphide operation accounting for 35 850 oz and the oxide operation for 26 151 oz.
The Ravenswood gold mine, in Australia, delivered an additional 29 223 oz of gold during the three months to December.
“Resolute has delivered another strong quarter, which is particularly pleasing as we move into the delivery phase of our mine life extension projects at Syama and Ravenswood,” said Resolute MD and CEO John Welborn.
“We are currently outperforming production and cost guidance for the financial year, although we expect some grade variability in the second half. The Syama underground mine is on track to deliver first development ore over the coming quarters, and first production ore during the second half of 2018.”
Welborn noted that the Ravenswood extension was also progressing well, with both operations and the approval process achieving major milestones during the quarter under review.
“Expenditure on major projects will accelerate in the second half, but total annual major capital project expenditure will be below previously advised guidance of A$170-million. We remain well placed to fund our development plans with total cash, bullion and listed investments of A$283-million and a net cash balance of A$253-million.”
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