Challenging six months for Resolute, better second half forecast
JOHANNESBURG (miningweekly.com) – Australia-based Resolute Mining has kept its 2018 financial year-end targets intact, despite the production and cost impacts of relying on declining stockpile grades at Syama, Mali, and lower production from Mt Wright, at Ravenswood, Australia.
Resolute produced 142 749 oz in the first half of the financial year, of which the latest quarter’s output amounted to 66 581 oz. The company said this week that it would produce about 160 000 oz in the second half, which would enable it to meet its 300 000 oz forecast, at an all-in sustaining cost of A$1 280/oz.
The forecast split is 130 000 oz at A$1 050/oz from Syama sulphide, 90 000 oz at A$1 260/oz from Syama oxide and 80 000 oz at A$1 520/oz from Ravenswood.
As the Syama main openpit closed in May 2015, ore for the sulphide circuit is currently being sourced from stockpiled material, while ore for the oxide circuit is being provided by openpit mining of satellite deposits. An underground mine is currently under development, which will increase the mine life at Syama by 28 years. Full underground mining is set to start in December this year.
CEO John Welborn said that Resolute was creating a “new chapter” for the company at Syama. “Our new underground mine development is now well under way with consistent delivery of development ore. The undoubted highlight of the quarter was the 39% increase in underground mineral resources to now total 5.7-million ounces of gold.”
Resolute is expecting higher grades and improved recoveries in the second half of the year, increasing production at both Ravenswood and Syama.
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