US dollar gold price hits Resolute bottom line
PERTH (miningweekly.com) – Despite beating production and cost guidance, gold miner Resolute Mining reported a net loss after tax of A$502.6-million for the 2015 financial year.
This was down from a profit of A$33.3-million in the 2014 financial year and came on the back of a A$572-million impairment charge primarily related to the lower US dollar gold price environment.
Resolute produced 328 684 oz of gold in the year ended June 30, with the Syama mine, in Mali, contributing 224 911 oz, and the Ravenswood mine, in Australia, 103 773 oz.
Group cash costs for the full year were down from the A$922/oz reported in 2014 to A$845/oz.
Some 313 100 oz of gold was sold during the year, down from the 371 976 oz sold in 2014, with gold prices averaging A$1 468/t. Revenue of A$462-million was achieved in 2015 – down 12% from the A$527-million reported in 2014, mainly as a result of the cessation of operations at the Golden Pride mine, in Tanzania.
Looking ahead, Resolute expected production in 2016 to reach some 315 000 oz, with the Syama mine delivering ounces from both its sulphide processing circuit and the new parallel oxide processing plant, which was commissioned in January.
The Syama mine would be transitioned to an underground operation, which would more effectively extract Stage 2 mineralisation and extend the project’s mine life beyond 2028.
As a result, the sulphide mill feed was currently being sourced from stockpiles, which held more than 6.2-million tonnes of ore at an average grade of 2 g/t gold.
Feed for the oxide circuit would continue to be sourced from openpit mining at the A21 deposit, as well as other defined satellite deposits.
Meanwhile, group cash costs for 2016 were forecast to be some A$990/oz, while all-in sustaining costs would reach A$1 280/oz.
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