Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Resolute Mining has reported full-year production broadly in line with its expectations, but warned that 2015 output would be affected by the closure of its Golden Pride operation, in Tanzania, and lower grade at the Ravenswood mine, in Queensland.
During the year ended June, the company produced 342 773 oz of gold, which was in line with its guidance of 345 000 oz.
However, cash costs for the full year were slightly above guidance, at $922/oz, as the exchange rate was lower than assumed, negatively impacting on cash costs.
For the 2015 financial year, Resolute was forecasting production of 315 000 oz, at a cash cost of $890/oz.
“With Golden Pride at an end, the company now moves into a transitional year in 2015, with oxide production to come on stream at Syama,” said Resolute CEO Peter Sullivan.
He noted that the company would continue to pursue growth opportunities to extend the mine life at its existing operations, while also progressing work on potential underground production at the recently added Bibiani operation, in Ghana.