Resolute beats full-year expectations
PERTH (miningweekly.com) – Gold miner Resolute Mining has exceeded both its production and cost guidance for the full-year ended June, despite production in the June quarter falling.
Gold production in the three months to June decreased to 78 132 oz, compared with the 98 105 oz poured in the previous quarter, with gold production at the Syama operation, in Mali, falling from the 84 551 oz produced in the March quarter, to 65 757 oz.
Gold production from the sulphide operations at Syama was 69% higher in the June quarter, resulting in 22 532 oz of gold, compared with the March quarter, while the oxide operation decreased production from 71 186 oz to 43 225 oz on the back of lower ore grades.
The Ravenswood project, in Australia, delivered a sustained production of 91 400 oz in the quarter, up slightly from the 90 500 oz in the previous quarter.
In the full year, gold production reached 305 436 oz, which exceeded the production guidance of 300 000 oz, while all-in sustaining costs of $924/oz were lower than the guidance of $960/oz for the full year.
“Exceeding production guidance and outperforming cost guidance for the year to June is an exceptional result during a period of significant development in our business,” said Resolute MD and CEO John Welborn.
“With the achievement of commercial production rates at the new Syama underground mine, we have now turned the corner and expect to see increased production at lower costs in line with our development expectations.”
Once the Syama underground mine has been fully commissioned, Syama will be capable of producing over 300 000 oz/y of gold.
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