While the third quarter, ended September 30, began with operational challenges in Mali, ASX-listed Resolute Mining has reported that it has made meaningful progress across its key development and exploration projects, while activities across all other assets performed well.

“Overall, I am pleased with the results delivered throughout the quarter,” says Resolute CEO Chris Eger.

Group production for the quarter was 44 398 oz at an all-in-sustaining cost (AISC) of $2 506/oz.

Capital expenditure for the period was $85.3-million consisting of $18.6-million at Syama; $3.3-million at the Mako gold mine, in Senegal; $10.5-million exploration capital spend; and $52.9-million at Doropo, the company’s new mine under construction in Côte d'Ivoire.

Operating cash flow generation during the period was $55.8-million – operating cash flow before capital expenditure, exploration and working capital.

The company also reports earnings before interest, taxes, depreciation and amortisation (Ebitda) of $64-million, compared with $128.5-million in the second quarter

Net cash was $276.1-million, including cash, cash equivalents and bullion of $330.3-million. Drawn overdraft balances, Doropo financing and equipment financing were $54.2-million, compared with $15.2-million in the second quarter.

Resolute says the group's full-year production guidance has been revised to between 205 000 oz and 225 000 oz and AISC to between $2 250/oz and $2 350/oz.

Eger says Mako continued to perform well, while its Syama mine, in Mali, had been affected by slower-than-planned openpit mining rates, intermittent underground explosives supply and plant downtime.

Eger explains that the mobilisation of additional equipment accelerated towards quarter end and commissioning of the Syama sulphide conversion project continued as the company focuses on improving production through the final quarter.

Additionally, he says Doropo is progressing to plan and on budget.

The project is fully funded, with $260-million of local financing secured. During the third quarter, earthworks progressed across key project areas, contractors continued to mobilise, concrete works commenced and major equipment and infrastructure packages were awarded.

He says the project remains lost time injury-free and the site workforce increased to more than 600 people.

At Resolute’s ABC project, also in Côte d'Ivoire, Eger says the company has completed about 24 000 m of infill drilling during the quarter, with the programme expected to be completed by year-end.

This work, together with ongoing metallurgical, environmental and social studies, is designed to advance the project towards an updated mineral resource estimate as well as the next phase of feasibility and permitting work.

“As we move through the final quarter we expect a strong end to the year. Our focus remains improving performance at Syama, ramping up the Syama sulphide conversion project, maintaining momentum at Doropo, progressing the Mako life extension project and finishing infill drilling at ABC,” says Eger.