PERTH (miningweekly.com) – Lower gold production has seen ASX-listed Resolute Mining’s gross profits decline from the A$177-million reported in the 2017 financial year, to A$69-million.
The miner produced 284 000 oz of gold during the 12 months ending June, compared with the 329 843 oz produced in the previous financial year, as the company advanced its growth projects.
“Resolute continues to generate positive cash flows and returns to shareholders while we make significant investments in major development activity across our asset base,” said MD and CEO John Welborn.
“During the 2018 financial year, Resolute delivered major updates which confirmed a clear pathway to 500 000 oz of gold production per annual from long-life, low cost operations at the Syama gold mine, in Mali, the Raveswood gold mine, in Australia, and the Bibiani gold mine, in Ghana.”
Welborn pointed out that at Syama, Resolute is on schedule to start sub-level caving in December, and was aiming to commission the world’s first purpose-built fully automated underground gold mine by the end of the current financial year.
“At Ravenswood, our operations team has again exceeded our expectations from both a production and cost perspective,” he added.
“The 2018 financial year has been a year of investment in development and with A$250-million of available liquidity we are in a strong position to deliver further growth which will generate greater gold production at an increasing margin, resulting in increasing cash flows, larger profits, and bigger dividends for our shareholders.”
Resolute on Friday reported revenues of A$446-million from gold and silver sales, compared with the A$541-million reported in 2017, while net profits after tax declined from A$166-million to A$78-million.
For 2019, Resolute is targeting a gold production of 300 000 oz.